Financial Times , 1982, UK, English

: -J"

PROPERTY

ADVISERS

Iflnctott fWl & City), I^Inbnr gTi,
Bdgium, France, Holland,
Genrmny, Ital^, Anstialia.
smdl«au3anef Assoc. Inc.~U.SLA.

No. 2S.S40

PUBLISHED IN LONDON AND FRANKFURT

Monday August 2 1982

COIVTINENTAL SELLING PniCES: AUSTTUA Selt. 1?; BELGIUM FrSS: DENMARK Kr G.SC: FtfANCE Fr S nO: GEnMANY DM 2.0: ITALY L 1.100; NETHERLANDS n 2^.25: NORWAY Kr6.00; .PORTUGAL SbcSO; SPAIN PlB

GENERAL

BUSINESS

Election

Thi* Tnr>- Part,v Fares a major
electoral rhalirnze in one nF
its most marsinal seals follow,
in; Lhe dealli on Salurriay of
I^if .Socciyn Cacihury, iVir for
pirminsham NorthKcM.

.Mr Carthiiry. .ttS. ;i joemtn’r
pr the Quaker rlioeolate family,
■.>? found dead in the srnunds
his Birmingham home. A
'.i-morlem showed he died
nm a -;;:iinsliot wound jn his
,ad. Police .said a .sholsun
va? found nearby and no one
else was involved. Back Page

Education funds

The ('ahinei rejected Ediicaiion
Deparlmcnl plans to fund most
-.editcaiinn by block cr.int in-
'stead of through the rates.

Back Paso

SPDrLsb plan

A short joint programme for oil" Corporitionr^

•T. on in gorormne^ will he plans to .sell 51 per cent

Italian

austerity

package

unveiled

S IT.tLf.'VN ilnvernment
atistcriiy packnsc includes in-
crea.scs in indircci laxes and
piihlic bcctnr charges, ems in
welfare and an increase jii in-
flu.’jtry's tax and welfare cm-
tributiops. Back Page

CRI will w'.Trn .T;:ain .*)bniii
the risk of further indu.stri.il
riorlinc when it piihli',lies its
r|iiartcrly induslrial treneb
survey tnmorrnw. Back Page

• BRITISH RiVJL could lose iis
excliiiiive right to carry c*o;il
for power staiinns in the rcm>
cnlialion of its £190ni a year
cnniracl w-ith the Ceniral Elcc-
iririty (.ieneraling Board. Us
biggest customer, Page 4

OKRITOIL came mio being
yesterday to take over ilie
exploration ami production
inicre.sls of liic Brili.sh National

produced by the SDP and lhe
Liberals for the next election.

Aliegrations probe

ronservative MP .Nicholas
IVimertnn will ask Lord Hail-
sham, the Lord Chancellor,
about allcBations that the laie
]..nrd BradwcU. formerly Labour
jMP Tom Driberg, 'received
XCo.noo of £2m stolen .at Heath-
row .Airport.

plans
of Brltoil. Page .1

O RESTRICTIVE Practices
Court exnminatiriu nF the .Slock
Ex'ehnnge rule book will not
begin until January, 10S4.
Page 5

O CENTRAL BANK.*? appear
to bn pressing the Jialian
.itilhorilies to honour Banco
.\mhrr»vianns olTshn-re debts.
Buck Page

Union challeng'e • 1T.U.IAN smto railway has

Ki'.'lu-win'-'ers are • applying for S. L. \varbiu-?. the

a high court hearing of their
thallenae to election results ^®«*^**
which gave hie left control of
the Civil and Public Services’

A5.sociation.

Bomb deaths: 11

O PIRECTOR of Presidtnl
Francois Miiierrand's private
Cahinot has been appoinied
chairman uf Havas, the Slalv
. controllerl ndvcriiiqng. publish-
The derm ir-l! from llie IRA’s ’.*«« fnd Page 16

J.nndon bonth atiark-s last ^ ,. ...

.iMuiii Mixe li.^ ii wiien Iwitdi-: ■■

man M\i\ Hcnlagc, 29, died ui J^^aker. reported n Meen
hnunital aechne- in protits for the firM

half of |f»2 and said demand
was likely no weaken further.
Page 16

.irah nrganlsntinns in Britain

have been told lo step up ^ ICI and BP have signed t heir

security' follnwin ga bonth attack P®lrodienBcals swap deal. Page 4

on a Saudi newspaper oEBce off *

TiAflrlnn'iS K1 pc* 1 ^ EllW^QS CUrr6ncl8SI CO 11“

Londons iieet street.

today after breakdown

BY JOHN UOYD AMO ANDREW FISHER

THE rm; e.\tkn i;:n n.^l mnai

sirikc by .-rniiu'n .-igoin.'-l .Sra-
link IFK. l/io ferry ..iili-<ii1i»r>'
of Bnii.sh IJail, Wds .■’Ct lo -jo
alK-iid from iIhn morning afiri'
ilic brcakil'iwn of talks at ;1i<:
wwki'nd.

.Scaiink. nnrt of wludi ihc
t,i'iv».'rnnii-nl iioi'C.s to ji-U wfii-
nially in ihrj private ::pclrir. «nid
au .Til-nui .sink'; in ihc .siinmicr
cmild In; a f|i-3'-lcr. Etil iiKi-t
f.iioubl by aiilc to
■•wiich in niher 'urvices lo .ipd
from ih'* rnnimcMi. ihc l.-Io nf
Man and Ireland — thmisli not
10 "ihcr .'i.iilings for the Channel
Tsiand.s.

'Hie N.ilinnal l.'ninii of ,Se.i.
men iNUS* ycTMrrday walk«?'l
out nF Talk's with Sealink'5
management, which bad been
called In iry in prcvcni lhe
siriko. The NUS warned of a
lung strike,

Air Sam AicCluskic. a.^si.si.ani
general secretary nf ihe union,
.said he liimicht mnst of the

Sealink's lnss.inakin': route

bnween Il.nrwich and lhe Hook
of Holland, who h.ave been
asked to aci-c;pt wage cut? and
change working practice*: in

reitirn for the cnniiniicd cipera-
iinn of l.iK ship'j nn the route.
L'p.sses on the rnuie arc esii-
mail'd at £oin lor 19S2.

Jf'ilidaymakcrs will find travel
p|jii.s disirupled. but Scalink
.said mn^t would lind passages
with the coiiipany's Coiiiinenial
partner*: nr oilier Briii<'h fcrr.v
companic.«. .'\urhorilie.s ar Dover,
the main Briti.sii port for eross.-
Cha-rinel irafTic. said disrupiion
wnuld he small.

Dunng lhe peak summer
period. Dover has more than
JO(i ferry sailings a day. com-
pared to about 70 in nIF-peak
ntontii.s. Sealink UK services
provided only eight of the
sununer stilings.

Sealink said l.nst night it
hoperl That Mr .liin Slater, the
general secretary of iho NUS.

■1,000 memhor? in ilm company could he brought inio the talks.

v.'iiuld rc.-::priiirj iii the .‘^irike call
ilii.s morning. ;i|ibciu*jii he cm-
cedert rlmr ni.iuy were " very
concerned nver the diipiue'*
outcome."

The core nf the rii«piiie i? ihr
mailer of ihe •f.’Ml .seamen no

It v.-a.« also trying to conlaet
the .\dvisory, C'jnnliaiion and
.Ariwiraiioti Service ».\CAS).

Mr Mcilluskie. who .hcad.s an
NUS .suh-f;omniiilee on the
Harwich issue, .said lhe main
reason for the walk-nut from

the talks on Sunday had been
three clauses which Sealaiik had
insisted on Inserting into N17S
proposals tabled on Saturday.

The mo'st contentious of them
for the union was oac which
restated company policy lo
obtain “ a reduction in staff
I'osts due to NUS members on
the Harvsich-Hook route of the
order nf £lin m a full year.”
If that were achi'cved, '‘im-
mediate steps will he taken .to
withdraw complotety from the
route."

The NUS proposed that the
elghl-man negotiating committee
would recogni.Kc the “ serious
rmancial problems of Ihc Har-
wich opcntlnns” and would
take over negotiations from the
local port committee.

Those negotiations — Mr
M<.S3Iu.skie made clear that they
would aim to Hnd considerable
savings— would be preceded by
a return io wurk by the Harwich
mcniberahip and the national
sirike would be called off.

He said the committee might
Inc example, come up i%ith
some £.'500.000-worth of savings
— but the company would have
refiLsed in .iccept them. He
cuncpded that Sealink offered to
Continued on Back Page

Study charts dismal future for

term unemployed

BY JOHN LLOYD. LABOUR EDITOR

Arabs warned

Crash inquiry

Twn French unaches, which
crashed near Dijon, killing 33,
including 4-1 children, were
being examined to establish the
cause of the accident.

Japanese losses

At Iea.5t H people were dead
• or missing m heavy rain and
rough sea.? as Japan prepared
for R typhoon to strike.

Heart disease toll

Thp U.S. iias iiecn more
tfiifces.>.fiil ai reducing heart
disease liian Britain, where it
kiH< more people than i.n niojt
European cDuntries, Pago 3

Poison fish scare

People m the Lake Distnur
ivere warned not lo buv fish
from “ iinu.siiai .sources " folinw-
ing the poisoning of trout and
salmon in the River KenL

Handicap'swim

A 21-yedr-oid Egyptian, Klialei
j Ahmed Has-ian. who h.TS only
'ppc^lcg. .""iivam from Dover to
Cap 'ins Ncr. m 12 liouTi, gfi
minutes.

Leak detector

E35t Germany has dev'eloped a
mefhnd of finding leaks in
underground ml and water
pipes by using mildly radio-
active gas.

Briefly. . .

Search widened for Susan
.HsvweJL 11, lost near Cold-
iream on the Scottish border.

:rickpt: England. 272 and 291.
*^al Pakistan, 2.'>1 and IRfi, by
ir> runs in the first Test ail
. klgboston.

featureless trading last week.
The Bel^an' National Bank
took advantage of the sleadj'
performance by the Belgian
franc to cut its discount rate
by 0.5 per cent to 13.5 per cent,
llie Ixalian Bra -improved at
the top of the Eun^tean Mone-
tary System. wiEh the D-mark
and Dutch gUElder continuing
10 alternate at the bottom of
of the s.vfitem. The West
German currency finLshed
.<liglii!y below Lhe guilder, hut
all member of the EMS were
little changed, remaining wdi
wlihin divergence limits.

^,EMS iuly 30,1982_

firifi

“5iyHtK

1-1=

- r *;u»t

S',-

Th» rh^ft shntvs thv r.v/» conat-mnfa
nn ftjronMn AMn«rary Svit»m oxr;hin 4 n
r.u»s. The upper grid heind ct the

ivrafctst citirrncv m ihe ivstem detmes

the CMU3S rptes iiom iuhteh pn eiirrmey
{eecepi the hrat tne-i mone mme then
per cent. The inner thert jiir^s
eeeh ettrrene/'s diw-riirrten i/orn rfin
etnrtdl mW •' A^.inst the Eurrrpeart
Currificv ijriit (ECU> ii:nt a basiei
et Buiopepn euriepeies.

CONTENTS

■'.IK economy: Cut interest. Editorial comment: Era-

•atc.s further, by Sanuiol ployce.s* rights; 'Wasiiitig-

Iriltan 13 ton confused 12

i..ong-term jobless: Search Justinian: Protection for
■ nr remedies .. . 13 Sikhs and others S

n RaLlton Road 6

.. 10

. Technolog}': Coraputer-

Tractors: Multinationals aided design for

^orae a cropper 12 engineers 10

•Tl*

npclntinwita ......

a.-.» naiM

■•ildhifi NotM ...
■ii'niwi'B Diary...
■nipany Nowa ...

timvmrd

■trrtaitmi't Guida

Mtehands

inancial Diary ...
'auranca

11

me. Cap. Markets 15. 16

Raeino

8

la09C

22

Sliaie Infermaiton 20, 2i

Labour

7

Teehnelnor

10

6

LaaOara

12

TV and Radio

8

14

• Letters

13

UK News e.

S. 6

11

Managamofit

10

Unit Trusts

11

Men 5 Matteia . .

12

Woattwr ..

22

15

Money ft Esehngs.

18

World Ecen. Ind.

3

20

Overseas Nevus ...

2

Worid Stack MhU.

17

6

Parliamentary Diary

5

Wtarld Trade

3

For late.tr Share Jnder phene 01-246 S026

THE FIR.ST auihorii^nve Kliiriy
of long-icrm unempio.vmcni in
the UK paints a Menk pidure
nf ii rapidly growing p''nbioin
carrying high snclal. cconnniic
ami psyehuliigicRl costs,

The vTiidy, com.uned in u
rn.'Ui.'Icniinl iinci!m',*ni ni'i'-
paretl for the .Manpower Set-
vi;{ •. ig;r, :!v

Inng-teriii tiiicinpluynd— ueiirivii
as iliuse wiihnui uvirk for a yc-ir
nr ninrc— now ?land ai more
Ilian ill) ami may rise ipch
as l.oin In ilie n«'xi few years

It I'hronidc^ the rclenllcT-s
and increasingly rapid riao in
the nunlhe^^ afTocted. their
growinu inahilltv to find work.
Iho escalating cost of providing
even a iemparar>' palliative ami
Ihe extreme difficulty of bring-
ing in saiisfaclury &o!iitinns
shun of a change in cc'inuinic
policy.

The study shows that;

• One w'orker in 23 is among
the long-lenn unemployed, com-
pared with one in 2-50 10 year;
ago.

O [f iinemplo.vment Flays at
about 3m for .?ome .voar.v. a.?
expected, "it Fcems Ilrtcly lo
ineludo inng-Terni unemployed
of hei'A'cen .13 to 40 per ren?
of Hie ini.*tl — some forccavierx
put (he figure as high as 50
per cent."

• Tile Inncer a pf’r'on is un-
employed. Iho longer he 't
Ukely ift be. In .lanu.iry. I9S2.
40 per cent of tho'-'? uncmplnyed

for under three uinnih.v irH the
rogii-.er wilhin a ftirrhcr three
monilis. Only 13 peg iVnl of
those unemployed for 12

mon'h.s or more did so.

O The rale for long-term un-
rmplf).''menl is .growing m ail
re.'.iun! hui is higliesT — .si fi'.J

received opinion among p.fyeho-
logists (iiat unemployment
causes first a shock. follGwed
by active job seeking. Pcssi-
miain and depression result
from failure to find a job. and
f.nialism and *'.t broken aMiiiule”
folinw in due course.

DT ceni of .''ll cmploved— in liir. ■ Th'( , repe.^ im: ''Tbo',
ind li'*'.''s! j2..'» |;..‘.;.cg: ■ I ler;. -..jf-ierjir* eUcets of ' uoeill-
in the SoinlvKasi.' ' Fh Stfndrr- plnjuienf on .vmiog pL*ople, and
land. 42 pi'r ccrri of all iincm* some of ihosu in (he late 50s.
nlnyed arc in the lnng*<terin are Hkely to lie more serious
bnrhrt. than those In middle life.

© Those aiTerted air cciiins •< Young people, denied their
younger. More than 00 per trent normal expeetalinns of moving
are iinder 4.5. compared ^Ih on from school to worlc, may
a iriainniy ov-er 45 in the IflROs omotlonal maturity

and IBflis. The fastest growth retarded and they may not
IS among those ageii 25 .or develop the habits of cmploy-
younger. ment and noraial scif-idenlity

© Movr long-term uncranloyed which onnie from having a job.
nrr unskilled or .semi-skilled, 2 nd become almost unemploy-
nlthough the proportion of pro-

” Unless an alternative
routine to employment can be
established quickly, die in-
activity’ and feelings of rejec-
tion can lead to physical decay
and depression, and in many
cases an early death.”

The study outlines a number
nf possible policy responses,
Tw'r, of which — an extension of
ilio Cnnununjt}' Enterprise Pro-
gramme and the .scheme to sul>
sirii.se job splitting— liave
already been adopted by he MSC
and the (kivomment.

The sesreh for remedies.
Page 13

foxvinnals is growing mo.*t
ouicklv, Mo.sl are also poor
and the disabled and ethnic
minortttes are worst hit.

The paper says that the high
level of long-term uncmplo.v-
monr js riuiTr different frrim
rinythlnj c.’.-perienccd in the
post-’A’ar years and the prospects
for Jheosc afTccted .seem iin-
Itkcly In improve in the
mcditini-tonn.

An ancTTO of Ihe study nn The
"psyc*holng;ral impact nf iincra-
plnj-roent" gives a graphif. even
li.-rr.T.ving picture nf its
effects.

The report agree? with

Malaysia bans luxury car imports

lidt

Wredu
1-2

BY W.ONC SULONG IN KUALA LUMPUR

THE JLXLAYSIAN Giwcrnmem
has imposed ,i ban un iirpnn.«
of luxury car? until (he end nf
the year. Tliis ic to rpdu?e
its balance nf payments deficit
after a sharp detorim-.iiinn in
earnings from c.’cport.'i of vnoi-
modities.

Mr Tengku nidiauddrm. Hie
Trade and lndiiN(ry Mmicrr.

Cv?Ip and Carriage Biniatig.
!iii? Inr-gl asscmblpf of Mer-
■;'.*des cars, recorded a turnover
of 2iSm ringgit (£.33.lmJ Ja.st
yc.ir and reported an improved
first iiaN rhis year dei^pite a
rcr'?ssjnn.

Malaysia assembles a variety
of i'nrs.'ciosliy cheaper Japanese
vetneie?. but Malaysians often

said the ban will affect such import luxury cats and buy an
tymes ol car as RolW-R«yc fmm import I'cenro to do so. Such
Britain and Mer^e-s-Renx and l•■'pnces v.ull not he issued again

Porsche from West Cerinany
among others, althou.di it i«
not flcar whetlier' it cover--.
Mercedes cars assembled
locnlly.

until the end of the year.

ITie ban on imports of luxury
cars i.-. one of Ihe measures
announced by the government
^t> tr;.- to curt expenditure. It

stated Iflat the 1982 budget
'u-oiild hc{ reduced by U.S4»1.7bn
(£982m) 1-2 per cent

The main cuts would "be in
defence atjd education. Apart
from postponing the construc-
tion or new nulrtarj' bases and
schools, the government has
deferred i ho purchase of a new
defence system, including 1$
F5 fighters built' in the U.S.
and costing ^60m.

Malaysia is expected to suffer
a record balance oC payments
deficit of B3.5bn this year
cau.se of reduced income from
exports.'

Europe to aid China in hunt for coal

BY TONY WALK£R JM PEKING

c.ilTN.V ha.s reached an agree- resnnrcp development China has Corporation, and including
iiicnt with four European coal- undertaki'n. representatives of the Bank of

importing countries to invc.sti- Preliminary agreements China and various Chinese
gale till? development of a huge signed by repre.?entativcs r>f the ministries, recently visited the
Kieara-cojl dcpo.sii in the south- China South-W<>st Energy Re- four countrie.s- providing backing
west of ilic country. De'.*eIop- sources United Drvelopment and Britain and Italy. .\c the
mcni 'u-nuid cost an estimate CorporaHon, .set up to negotiate vnd uf the lour what Is being
BSbn (£.*).4bn}. terms, for Die development, described as a framework

Wesi'?rn diplomats in Peking envimgc a clas.*oc cumpcn.vation agreement was signed with the
say French. West German. deaL Hard miTency costs would companies involved. Under this.
Belgian and Spanish companies, be r^iaid in coal shipped to financial backing would be pri^
with their governments’ back- countries providing^ finanrial vided through ■ a mixture- of
ing, h^vc signed commitments backinig. Because Britain is not c.xport credits and low interest

a coal-unponcr. the compeosa-
tion deal: did not atiraet it lo
take part in the project.

A Hong Kong company,

United Development incor-
porated. port of joiernational
entrepreneur Mr Shaul N.

with China lo investigate the
project in Guizhou (Kweidiow)
Province.

ngrrement for n feasi-
liilily study, which will take
about a year, funded by gram-
•lid from the governmenis of

loans.

Preliminary agreements fere-
development of 29 mine.? and
upgrading of threo existing
one.?, Dio construction of a
powcr-?tah(m .,*ind more than
ROO km nf railwa.v; and exten-

the four Europoivn couniries Eiscnlwrg’s group. «f coiiipanies, .•.inns lo the pori of ^anjiang

involved i.s expected to be was instrumental in settrag up. jn s.»utliern Ruangdong iKwan-

atteni^

thwarted

By Michael Holman

FORCES loyal to President
Daniel arap Moi - of Kenya
appeared tn be in coitUyol-last
night after an early, mondng
coup attempt led by air force
officers.'

Roa^loeks have ' been set
up' on roads leading ip. the
capital,' Nairobi, where. tbe
city centre was .deserted cs-
.cept .for police . and. axniy
patrols.

Dir Moi. wbo succeeded the
late President Jomo. Kcnyatta
in August 1978. broadcast to
(he nation last night and
thanked tbe army for its
** total ioyidty to mo and to
the gOTcnunenL**

The President, appareiitly
peaking from State flionse,
Nairobi, announced- a duA-to-
dawn curfew in die city nn^ij
farther notice. Kenyatta
internatiiKial airport remained
closed.

Shooting began, to ' the
centre of Nairobi early yes-
terday and luted nmii noon.
Shops were 'n^brt^ looted
hut no casualty figures Weire
available. Embasdes - advis;^
their nationals to. stay
indoors, and city ..botel^ filled
with visitors from Europc and
North America, told .tb'p-tr
gnesis to stay off the streets
Ififonuation is scanty abont
the coup- attempt; it led
by a gronp of oflBcen from
Enibakasi air base, 15 miles
from the capital.

The rebels announced yes-
terday over state ra^o the
establishment of a mfifta^
redemption council, the sus-
pension of the .constitution,
release of political prisaneis, .
and a noiKaligned foreign
policy.

The station was r^aken-
after an exchange of fire in
which several soldiers were
killed. A Govemmeot broad-
cast said General Jackson
Muiingn, the army chief' of
staff,- had - led forces loyal io
the Gnvenrm^. ancK
A giinnp ^

rebels,? . .

President Bfoi has taken
increasingly tough actum ’
against government cdtics In
the past few months. Moves
have inelnded the expulsion
Mr Oginga Odinga, fonner
vice - president, from tiie
ruling Kenya National
Union, and in June, Kenya
bceune a one-parfy state.

Government opponents have -
highllghfed the country's
economic difficnlties. and
erttidsod Kenya's close ties
with the West, notably the
agreement which gives Wash-
ington nsc of the Indian
Ocean port of Mombasa.

News anab'sis. Page 2

■i , ■;

• i

on

BY NORA BOUSTANY R4 BElRUf AND' bURPORBGN.SrAlP:

ISRAELI forces -stxixck .Beliat
wlth.the. Jiteribst . bomhardment
yet of the'^eight-we^ ' liebukin
war .yesteiday,. hut^heid .hade
from .final on the-ci^;

A new ceasefire arranged
in the- afternoon seemed to be
holding laft zd^ after Isira^'
tanks had edged. dbse- to
centre of w^ Beiriit. In
Yack membm of ‘tbe. United
Natiooe Security Cmmeff agreed
to demand an immediate cease-
firje and ..to- -antborise . UN . ob-
servers to sopetvase it. .

Tim battles, in' and'-.aroimd
Beihit .smited, at: denvn-^t^
'day. ,wh 9 Israeli 'artlllezY, . gun-
boats • and' rfigjiUr bmubeiis
lauhebed .fi'erch attacks on the
capltsL. -Tanks advance , beyoi^
Beiriit airpcM.for tiie 'first -tune
after . ftar^ troo(ps . took bv^
[the terinihaL A"B6tiing*747'jet
-;vas destroyed. o&. the ludway.' .
•^^^^tate^nm radio said tiiat
^thd^mrinber of casualties re*
mains 'Imposahle ta^-jestimate,’*
and many wwuMled^^ .^tended
under 'the debris'b^atisb'-aiohut
ances cannot move tiirou^ the
streets. Intsise shtAK^. has
also prevented firemen goizig to
builffi^s. on fire, leaving, them
to blaze out of -emitioL .:

In iM’ael senior officials-zbade '
it dear that the Tnotive'for'the
assault was violalion of the
ceasefire by tbe Palestinie
Liberitioa , .Oiganisatibn mid.
what they saw-as ah'atteni^ by •

the.-'P£i0.tD .dn^' eut :nego^-
'itioas' for.'lheiz witlidCBWBl'.irbm-

- the .capital . " We have to . fom
.the pollticaL process: tdTmove'.at
.a; ’'fasterL.:'iii^%T' jO... fbtrei^
. ntinistiy ^.okesman said.^^

Yestoda^ attadcs-.were- 'so
-. heavy there -was 'Wid^Effead
..speculation- that Xbradiiih^tiy
*was' •set ' ^to push''.'mto
'^errilla «trsn^old& ' - Gov^t
.ment.-' spoKesman.VMr'^ Dan.
• Uerider;- said -if teev.a .tGabiifet
.meeting,' h'ow^er,:that:no^'<fed^
-sioh 'had beeh^takeh •to -ontier
v^t Beinlh- --

Uoveiimieat officials.said-imat
.although Uiey had -hot-given^
■hope. that’-Mr i^IUpvBdub, -tne
American. 'envoy,:.wouid hegb^
.tiate a'-'PLO w^bdiaaval,'-.lthey
. were. stiU" waiting .for..ah-.iH)p
equivocal -commitment. Shat -the
gueiTiUas -intended .fd-.puU,- mzt
.'o£--BeizuL'.' •

•Ahirtrie, Kaletshr 'adds '.£booi
W ashington: Mr Ariel- Shaj^
riifr Isiaeli ' Def«ce'^ Ulni^c;
“said “ ia- . -^^nteririsw
l^ce that:- ' Israeli-: aramy
controQed' Beirut .Airport- after
’^e fi 'ghMng ^on SaturiUey- night.

- * The airport had heen-n no-
'main’s IkiM from' v^ch -the PliO.
could atiadc Isra^ soldiers,'-h.e
said-.-fot-'how Israeli fore«
'were ipatrofimg'ithe Uixport' and
also - oontiolkd high {buildings;
and hiiig aFoiizid. it which-the'

- FLO -.'had ;'used -- f-w t;arti21e^
bonibiuti m e'atT.:!-

cf

j: .. .'
I--'

t

•I I

M

!- I

Blairii: of

devaiuo

• 1

BY OUR OSLO CORRESPOfOENT

A “technical adjustmen't” of.
the Norwegian, krone against a
basket ,of foreign currencies, .
wMdi is - expected to' result in
the krone’s. . devaluation . by’
about 3 -per cent, -vHU ' come
into effect today, the .Bank of
Norway announced 9 }. the. yreek-^
end.- .

:^-Tbe ftyttehnof inde^^vms^ting;;
tbe l^ne;^ agamst a^ bgricet.
interuatibiial ' has:

been in effect sbice 1978. The:
revision of the index cuts,
shaiply from 25 per cent to
11 per cent the wei^ting of
ib'e U.S. dollar in the currency
basket

It relegates the donar. from ,
flnit m fourth place in tbe
index 'scale, wblle the 'West*
German IMKuk moves .to The^
top.

The Canadian doUhr. and the -
Austrian sghining have b^h..-
included in 'the basket 'for. fhe-
first time and the inder now'
consists of. .14 currencies, . -

Though -the move by the
Bank -of Norway is -' clearly
intended to j^jo a 6)^Kaa.- \

tiontff tlmkcbnb on fh^foKlgn,
•' <»gt»h^Tig «i. Jtiarfcets. ' Mr Hermpd.
'Skbahlazid,' tiie. bank’s, deputy .
'^venior,!;emphasis^' that. A
was ..not: a. 'de^uatidn. in .'.tiie
' 'traditional sense: .

-JttC;Bolfi^:e^.as,.tIie Minister
of Elnaxice,' made it cli^-r'tbat
tbe^ -'ceYiaim

hmiek;- - 1 ^ . Aimed
•Imiirm^^ fnU

?comp^tiven.effi’ of -NM
Industry : and the emplbyib^>
sitimtion.'' " , • -.

The Bank of Norway gave the
ftfilpwing new percentage indfex
weighting , in the basket ' - of .
foiedgn currencies that stipulalB
the value of tbe Norwegi^
krone .'(old weighting 'US'
parentheses):. West Genhas
lSkrk..-17,7 .(lA>i;'Swedi^ kroite
.15 (IS), ^tish pound 14l7 (13),
Ameracah dollar. 11 (25), Fresra
ftaoc 92 (4), Danish krbne '-d,8
(7), Japanese yen 6 (6), Dut^'
guilder 4:6. <4). Canadian doUv
3:6 (—h Italian lire (3.3 (2),
Finitirii mark 3 (3), Belgian
franc 2.4- (2), Austrian sehiU^
1.5 .( — ), Swiss ftand.2 (2),:j

signed in Octnher. the deal.

If a decision is made tn Chinese deTegalion. led by

proceed, it would he the highest Kong X”tn, chairman ■ of tbe
and most ambitious primary- board of tbe Sontii-West /Energy

tunc) Prminco to accommodate
lad.onn-tnnnR hulk-rarrien:.

The German company, Salz*
Continued on Bari( Page

^ 0

■ .1
• >?
•, I

■ •!
•3

- )

■'j

CONTACTr THE C»MMERCIAL IMREGTOR, MIUUN KEYNES DB^jSSSSSSSSSSSP

t -

2

Financial Times li^nda^ August - 2 ' JL 982

OVERSEAS NEWS

Congress endorses
South African
constitution changes

BY J. D. F. JONB IN BLOEMFONTBIN

- THE SPECIAL Federal coceress
-of South ACrica’s ruling
National Party unammousb^ en-

- dorsed the constitutional pro-
posals of Mr P. W. Botha, the

- Prime Minister, here at the
. .weekend.

. The proposals — -whicb hotii
. cidtics and supporters agree
are the most important since the
1910 Act of Union — must now
be taken to the four congresses
of the National Party, after
which they wiU go to Parlia-
'znent for legislation.

- The Bloemfontein congress
has been carefully stage-man-
aged and only three or four

' critics absented themselves
'.'before the vote. But, now that
the Prime Minister has com-
' miUed himself to an undeniably
. .'^refoiviiist” platform, it is likely
. that other Right-wingers inside
tile National Party wiU depart.
probaUy to join the breakaway
Conservative Paiiy led by D
Andries TreumidU, the former
Cabinet Minister.

First reactions to Mr Botha's
•constitational plan have ranged
from a gener^ly jwsitive Afri-
kaans press to criticism from
hoth white and Coloured poli-
ticians of the Prime Blinister’s
' failure to include the black
majority in his refonms.
.Coloured and Indian politicians
will now have to decide whether
this omission makes it iinpos-
sihle to co-operate with the
changes.

Atteniion is being drawn to
various ways in which the new
proposals differ from the recom-
mendations of the President's
Council earlier this year.

• • The powers of the new

President are considerable, but
provision has now been made
for impeachment or retirement.

• Although the recommend-
ations of the President's Council
have been frequently overruled
in favour of tbe original 1977
constitutional plan of tbe
National Party, the Couacil is
to be given a new range of
powers, principally the power
of arbitration when the three
chambers of Parliament dis-
agree.

The composiilrin of the
President's Council in future
therefore becomes particularly
importaot. The President will
nominate (and therefore pre-
sumably control) 25 of the 60
seals, while the remainder will
be 20 whites, 10 coloureds and
five Indians.

• Members of the multi-racial
Electoral College who are lo
elect the Gaullist-styie president
— in a mix of. 50 .whites, 2.5
coloureds and 13 Indians — will
themselves be chosen by the
majority parties in their own
chambers of Parliament. There
is therefore no danger of the
whiles losing control of the
election to the presidency.

9 Tbe precise role of the three
chambers of the single parlia-
ment — for whites, coloureds
and Indians — is not yet clear.
Earii chamber will ezercise
legislative authority in its own
cultural or communal area but
tbe President will determine
which issues are to be com-
munal and which are to be con-
sidered “ national "

• There is no reference to a
referendum

renewed

Michael Holman looks at events and conditions leading to yesterday’« abortive coup

hardship fiiel Kenya imrest

Namibia settlement hopes

. BY OUR FOREIGN STAFF

SEINIOR South African militaiy
officers are reportedly due in
New York this week to attend
talks on Namibia (South-West
AMcb) amid increasing
optimism by Westmm diplomats
that a settiemeot is in reach.

Mr HaosJoachim Vergua, the
West German representative on
the five-member Western con-
tact group mission told a news
confereoce in Windhoek: “We
tove never reached so far as
we are now."

The mission bad been bolding

♦aifas vrith representatives of
the internal political parties
about progress towards imple-
mentation of the United Nations
settlement plan based on
Resolution 435.

But there is no tangible
evidence so far of progress on
poteiDti^y the most difiicult
issue: So^uth Africa's demand
that Pretoria’s wtthdrav/al from
Namibia should be matched —
and possibly preceded — by the
pull-out of the 15,000-20.000
Cuban troops in Angola.

W.4BSAW— Poles yesterday
gathered at ceremonies to
honour resistance fighters
killed in the Warsaw uprising
against the Nazis 38 years ago
as Solidarity undergroond
activists opposing present
militaiy rnle issued a defiant
new call for protests.

In Warsaw's Victory Square,
a military parade and wreath-
lajing ceremony competed for
attention with an onofficial
gathering round a cross of
flowers lying on the flag-
stones.

The cross, laid in honour
of the late primate Cardinal
Slefen Wysz>nski a year ago.
was also the scene of a Satitr^
day night demonstration by
about 1.000 opponents of
manial law.

The demonstrations were
the first in Warsaw since
andergronnd leaders called a
bait lo protest action In an
attempt to create condition for
talks with the authorities.

In a statement circulating
over the weekend, five promi-
nent fugitive Solidarity
leaders rejected Government
plans for a gradual relaxa-
tion of martial law.

The statement called for
protests on August 31 to mark
the second anni%‘ersary of the
Gdansk agreement, which
allowed independent unions
for the first time

It said Solidarity sup-
porters shonld also mark
August 16. the date the inter-
factory committee was estab-
lished in Gdansk to negotiate
tbe agreement. In the two
intervening weeks “the pre-
sence of onr union will be
exceptionally vlsibie,” tbe
statement added.

Reuter

LAST MONTH Mr George
Gilhii. editor of The Standard
newspaper was summarily
sacked for ^vriting that Kenya
'* has been increasingly gripped
with fear, the fear of detention
of indiriduals without trials

The incident was one of a
series which, both in themselves
and in the heavy handed Gov-
ernment response, suggested
that all was not well in Kenya.
And in the wake of yesterday's
abortive coup against President
Daniel arap Moi, further
detentions seem ineritahle.

The President, who succeeded
the late Jomo Kenyatta in
.August. 197S. began his tenure
on a very different note, by
gradually 'releasing the detain-
ees his administration had
inherited.

But he also inherited some
deep-rooted problems which had
been disguised by the tea and

L'offee bnom Of 2976. sad On
wiiich the Government has
since had little impact.

Per capita income has
steadily declined over the last
few years. Nearly 80 per cent
Of the land is arid or semi arid,
yet S3 per cent of the 17m
population depend on the
countryside for a living. 'With
a phenomenal 4 per cent annual
population gro\^) rate, land
hunger is increasing, per capim
food production falling, and
unemployment rising.

For the Government's critics
these difficulties provided a
strong 'political platform.
Earlier Ibis year. Mr Oginga
Cdinga. a former vice-president
detained for three years by
President Kenyatta, launched a
scathing attack on the Govern-
ment. “ Mass unemployment,
low wages, soaring prices, short-
age of food." be said, were

caused not by the Wesrero re-
cession or high oil prices, but
hy *' corruption, i^suse of our
foreign exchange, importation
of luxury goods, poor plan-
ning . . . ."

?.1r Odinga has since been
expelled from the ruling Kenya
African National Union (Kanu)
but undoubtedly his criticism
struck a responrive note. Not
only among his own Luo people,
but within the . tribe that has
dominated Kenyan politics, the
Kikuyni.

Mr Moi. from the minority
Kalenjin, has made little impact
on the Kikuyus* dominance of
the economy. But, within their
ranks, are young radicals who
argue that wealth lies in the
hands of a minority and the
price has been increasing hard-
shin among the Kikuyu people

The Opposition has also
been critical of Kenya’s firm

privWestezB lino la foreign .
affairs.

The most contentious Item is
an agreement with the U.S.
which gives Washington access
to Kenyan facilities, notably the
Indian Ocean port of Mombassa;
on which the U.S. has spent
$50m. and the local airport,
adapted to take giant C141 aii^
craft hriaglng suK>lies to tbe
ships. " L '

Sneh tiose military ties are
resented^ many Kenyans; but *
their views- rarely', muface.

It is a ^mptom of a wider
developmenL Under Kenyatta,
Kanu changed from a vigorous
grass-roots party which won
independence Britain In

1963 Into an . nnresponsive
rubberetamp .. operated by a
self-perpetualing oligarchy.

But. over the past^ few
months, iatolezance has become
more pronouiKed. critics have

beM defined - and. . Jn Ji^,
Kenya its coostStutiion

and becBne.a formal ODe-patiQr
state.

' Meanwliile, Kaiou bas bad to
contend . witii . a long-zanoiing -
between Mr Mwai
Kibakl, tbe Vice-Preshlenit, and.
Mr Charles NJonjo, tihe fonx^
AttoniQ^Genwsd . -and now-
SAidater Of ConetiitutlpiBLl
Affairs.' '

Ailbougfi both are .Kalcuyusl'.
they' are-frona dafl ere nt clasts.'
The rivMiry' ~4ippcarg • tb have '
Ifttie to--do with how Kenya
should tackle its growing social
and economic pitri>lems ( al-
though Mr Klbaki is thought to
be more toletant of debate
■within party ranks) and every- .
titing to do with power and
pei^nailitty.

It Is a distinction that the
country can ill afford.

‘West exaggerates Soviet nuclear strength’

BY OUR MOSCOW CORRESPONDENT

i THE SOVIET UNION, in the
I latest edition of an officrial
booklet collaring East-West
arms c^ability, says the West
is deliberately exaggerating
Soviet nuclear strength while
understating its own forces.

The official Soviet news
agency Tass. summarising parts
of the booklet ahead of publi-
cation, said the Reagan .Admini-
stration was deliberately trying
to mislead world opinion over
the extent of U.S. military
power.

The booklet displited Nato's
claim Qiat the total number of

U.S. strategic delivery vehicles
for nudear weapons was 1,958.
The true figure, it saad. was
2,338.

It said Nato’s figures for
missile launch^ on U.S.
nuclear submarines fell 160
units short and the number
of heavy bombers fay 230 units
compart with data provided
when the Salt U treat}' was
signed in June, 1979.

The booklet also challenged
Western estimates of Soriet
strategic bombers, saying the
figure -was not 356 as claimed
by Nato but 156.

Reuter reports from New
York: The Soviet Union has
offered to make substantial cuts
in its long-range missile and
bomber forces, but tbe U.S. con-
siders the Kremlin proposal un-
acceptable, the New York Times
reported yesterday.

The newspaper quoted
Reagan .Administration officials
as saying that in return Moscow
demanded that Washington
“ agree to forgo deplo^ent of
new medium-range missile^ in
Europe and to accept stringent
restrictions on all future Cruise
missile deployments.”

The Soviet offer at the stra-
tegic ahns reduction talks
(Start) which opened on June
29 in Geneva, was not accept-
able because it fell fair shpxt of
President Reagan’s proposal -for
even deeper rednetions in long-
range missiles, the new^aper
quoted the officials as saying.

They said, however, thal
neither side had yet r^ected
the other’s proposals.

The report added that ' the
Soviet Union now has 2,500 mis-
siles and bombers and the U.S.
2 , 000 .

Panama officials I Suarez’s new party bids for the centre-left

told to quit

P.ANAAIA’S new President
took up office on Saturday
after cal'Jng upon hundreds
of senior government officials
to resign. Reuter reports from
Panama Cit}'.

Ricardo De la Esprielia
took charge following the
surprise resignation on Fri-
day of President .Aristides
Royo.

Labour Minister, Jose Mon-
tenegro and State Electridty
director Edwin Fabregas have
already puhHcly annoiZDced
their resignatiens in response
to Mr Dd la Esprlella’s calL

I BY TOM BURNS IN MADRID

I FORMER SP.ANISH Prime
Minister Adolfo Suarez has
launched his new political party,
th^ Centro Democratico y Social
(CDS), with tbe potentialiy
vole-catching appeal of standing
up to the militaiy. and prevent-
' ing the polarisation of Spanish
politics, 'llic CDS manifesto, tin-
veiled at the weekend, proved
to be a vintage Suarez mix of
opportunism, instinct and high-
sounding appeals for national
unity.

The rapid launching of the
CDS on the wheels of Sr &arez*

decision to leave the ruling
Union de Centro Democratico
(UCD) party that he founded in
19 m and to tv,'o successive
electoral victories demonstrated
a carefully worked-out strategy
to bid for the centre-left of the
Spanish political stage.

It also indicated that recent
efforts by Prime Minister
Leopoldo Calvo-Sotelo to boost
the ailing UCD under the party'
chairmanship of Congress .
speaker Sr Landelino Lavilla
could be futile, while elections
are now increasingly likely to

be held before the end of this
year.

Sr Suarez's electoral pitch
showed that he intends to m^e
full use of his courageous
stand at the time of the 1981
coup attempt when -he remon-
strated vrith Col. Antonio Tejero
as the putsch leader seized par-,
iiament and refused to take
cover when tbe rebel civil
guardsmen started firing.

. The most damaging allegation
made by Sr Suarez against the
UCD, led by tbe Lavilla-Cal'vp-
Sotelo tandem, was that the

Government party was unable
to resist encroachment from a
reactionary establidiment.

In a clear allusion to con-
servative pressure ^m the
military and finanrial world,
the, manifesto says: “Public
opinion must know tiiere are
individuals in Spain who seek
to use economic structures and
even institutional powers to
decisively influence civil power
to the extent of altering
the exercise of national
sovereignty."

Curfew stays in
south Sri Lanka
after clashes

COLOMBO : — A dosk-to- .
curfew remained in force. ,v'.
the third day yesterday in-* ';-
Lanka’s sootbem city of
after daMies between Sinbai i' -.,
and Moslems.

A senior police official sa.- -.o
there yrere a few minor inc
dents of violence i&st night i.'.'Z
Galle, south of Colondto, bo^^
.that no-one had been injured oi y,
arrested. 5

At least two people have dir ,q
ymi more than 106 hove-bee
injured in five days of vSoien'' -
whicb. led - President- Juni. - =f
Jayewmfiaie’s govemnwt t' I
declare a national emergeaicy.

Several arrests, have' be' 5
made under the emergeiicy reg>- -
latxons vriilcb vae imposed on
Friday in an attest 'to stop
llm itots fnun.spzend^ to (rihe
parts of Sti .LiaiikaL . ^

The anergeaby is the thlio '!^
rince when Predder. ,

Jayewardene's' Government ;
came to pbw^. '

Press censorship ' bas been
im pnfieHt . -a^lica];^ to botii
local newQiapers and foragn
corre^ptmdents.

Renter : -

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•itept 'Sundays a nd h eUdays. U.S.
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Coutts & Co. aimoxince
that their Base Rate
is reduced feom
12% to 11^% per annum
with efifect fixKn the
2nd August 1982
until further notice.

The Deposit Rate on
monies subject to seven days’
notice of withdrawal is
reduced fiom 9% to 816 %
per annum.

National
Westminster
Bank PLC

NatWest announces that
with effect from
Monday, 2nd August, 1982,
its Base Rate is reduced from
12% to 11V2% per annum.

The basic Deposit and
Savings Account rates
are reduced from
9% to 8'*/2% per annum.

Ibrkshire Bonk

With effecfjProm

2nd. August 1982

Base Rate will be
chan^d from
12% to 11i%p.a.

^ibrkshlreBank

"Ylnfr ^italBari kHjCReBstgEdN^ Bigland

gj ^iajw g riC?ffice 20 Meniori'^^ Leeds tSZSNZ

MidlaiKl Bank
Interest Rartes

Effective from 2nd August198Z

Reduces by 11
per annum, :

Interestpaid on 7 day deposit ac(X>unt8
reduces by V!t%to 8V^p.a.

Abatement Alfc»wiance

On ledger credftbaiarices Of currentaccountswhich
aresublecttothe^ndard personal currentaccount
tariff and do not qualify for tree terms reduces
by VWbto4l<!%pA. '

NBill«MiBa 0 ik

' Midlud Bank pic

Financial Times Monday August 2 19o2

WORLD TRADE NEWS

UK airports imit

Japanese
trade group
gets EEC

I U.S. EXPORT TRADING COMPANIES

Congress poised for final acddn

traffic coEtrol sale rebuff

BY MUL CHEES^IGHT. WORLD TRADE EDlTOft

&y OUR WORLD TRADE STAFF

VK AJFPORTS Group, an .■
larornijl ronsnnium of major c
?-niish airport equipmenf manu-
racuiTcrs formed last year, has i
won Jts first enrurort.

It has received a £15ra order i
from Brazil for air txafiic <
enntml equipment to he used at t
the nev/ airport in Sao Paulo i
ar.d at Belo Horizonte. c

Final details of the deal were i
in place when Lazard
Brothers of London, in as'^ocia- j,
linn with Lihra Bank. .

annnunceri u finance p.ick-
. 1 "? for Brazil, coverin" horn
ihc purchase of the cquiomcnt
.and rund'i for local u-nrfcs.

The British consortium in this
rase i.s led h” GKC F.leclricsl
Proioets. Other inembers in-
clude M.nrconi. Ple«ey. Racai-
T)erc.a. Thorn-EMI and l.\L.
Memhership of ihe consortium
U'-iUrite.? .arrordin,? to ihe
atiire of the hid it is makmc.
id smaller i;onlractnrs are
iwn in as necessary,
rho. STOup developed list vear
.a Department nf Trade ipiti.n-
?. based on the idea th.at a
'nhined effort hy manisfac-
.-ers would enh.ince the pc-'- i'
lilies nf t\annins orders fnr
n’p!r‘c nacka.ses of airpon
.psir-ment rather than for
..ediv.'dual items.

This approach has heen
adopted vi-h success by French
•and German rr..tnufaclurcrs. UK
Airports Group is now bidding

around the world, seeking to |
er-plnit tho extensive hftsiness '•
av.ailable from airport develop'
mont and renewaL I

The existence of the group
refiects the growing tendency,
seen elsewhere, for example in
the water equipment industry, i
for British companies' to co* j
operate more intensively in the !
inrcrnaiional market place. j

The Brazilian contract, which [
hrtnss UK Airports Group out ’
nf the shadows, was fore- |
shadowed last .\pril when Sr
.\ntonio Dclfim Nelto, the
Brnailian Planning Minister,
met Lord Cockfiold. the Trade
Secretary, in London and dis-
cu.jsed a number of deals to en-
hance Anglo-Brazilian co-opera- I
tion. ' ;

Much of the financing i> com- 1
in? from a £l2.rm export credit. !
covered by the Export Credits '
Guarantee Department. This ts !
repayable over JO years at an
interest rate of 7.75 per cent. I
The length of the niatiiriry and
the low interest rate arise from |
the fact that a commitment was j
made to Brar.il before recent in-
creases in c.xport credit interest
rates.

Lazards has also arranged a I
S25in commercial Eurodollar j
loan for Infraero. the Brazilian !
.airports aiuhority. while Lihra J
Bank has .irrsneed for Infraero |
another $t3om Eurodollar loan. <

Rare exiiort fisiaiice deal
set 3M Canadian dollars

'*>. BY OUR WORLD TRADE STAFF

'I. IIFNH'.’ SCMROPFn? W.\GG
• •' has arrsoco.! otic of the rare
•V Bi'liJ.-'h expe-rt financing pack-
.I'-'cs (icnnmipateri in Canadian
. rifiliir.N and psrlly fiindcd out-
• sirt'? rhe hanking system.

'*• The loan is for CS»'2.5m
ȣ27.Sim with funds from Royal
Tni.?i Corporation of Canada
rnd the Ro.val Bank of Canada.
It is covered hy the Export
Credits Guarantee Department.

The borrower is the City' of
i Edmnn.tnn m Alberta which has
J .a cnniract with CEC Turbine
Generators and GEC Canada for

twrt steam turbine generators to
he used in a new thermal
power station.

This the second Canadian
dollar-dennmmatcd export
credit arranged hy Schroders.
The first was also to finance
GEC turbine generator orders

The new loan follows a com-
mitment made last year, su?-
aesiaug an interest rate under
inlematinnal export credit
suidelines of 8.75 per cent.
Repayments start after the
commissioning o! the turbines
in lRSfr-87.

notrif

UNeMPLOYMENT

July *82

June *81

Hay *82

July *81

UK

OOO's

3,140.6

3.061.2

2.969^4

25S41

%

13.<4

12A

12.4

11.9

June ^2

May *82

Apr. '«2

June 11

US.

OQO's

10,4Z7i)

10,549.0

10307.0

8.0045

%

9.5

9.S

9.4

7.4

■W. G^rmanjr

OQO’s

1.6S0J

1A45A

1,710.1

1,125.7

%

4.1

6.2

65

43

France

DOS's

1,867.1

1.8854

1,9283

1,6255

9/

/9

ZJi

83

85

73

Italy

OCffs

2,357.8

2,308.9

23915

1.924.4

%

10.4

104

10.1

85

Netherlands

000's

521.6

486JD

482.7

360.1

%

9,7

9.1

9:0

6.7

Bzlsium

000's

514.1

513.9

518A

432.9

'•

%

1Z6

1Z6

12.7

105

Apr. '82

Mar. '82

Feb. '82

'Apr. 11

, Japan

OOO’s

1,430.0

1^03)

1350.0

13705

%

2.S

2.6

2A

2A

>

Source 1

lereopt UK. U.S.,

Jooani!

Eurostat

By Charles Smith in Tokyo

EUROPE.AN businessmen
and EEC Commission repre-
scniativos in Tokyo decMncd
If) appear at a meeUng of
Japan's Manufactured Goods
Import Promotion Committee
which was held on Friday to
consider obstacles to imports.

The EEC Commission said
It was “ reluctant to engage
in disrasslons in an addi-
linnal fomm." given the
variety of current bilateral
trade prohicm discussions.
.Similar reasons for not
appearing at the commltiee
hearing M'ere cited by repre-
sentatives of the EEC steer-
ing coznmiilee

The Manufactured Goods
Import Promotion Committee
was formed some years ago
under the cliairmansliip of a
former president of Mitsui to
consider all types of ohstacies
to the import of manufac-
turing products. The com-
mittee consists of senior
officials and businessmen. Its
secretariat is provided by the
Ministry' of lutemationai
Trade and IcdiLstrv'.

The idea of holding a
series of joint committee
sessions In which foreign
businessmen could bring up
specific instances of import
flhstniction was mooted early
this year and was included as
a special item tn the Import
Promotion package an-
nounced 1}}* Japan on Vay 27.
After the announcement of
Ihe package. U.S. and Cana-
dian represeotativ’cs attended
a joint .session
The EEC was said to have
aeeepteii “ in principle " an
invitation to attend a similar
meeting, A letter explaining
why EEC officials had decided
not to attend ihe session was
sent to the Ministry of Inter-
national Trade and Industry
Japanese officials appeared
puzzled and annoyed at the
European rejection of Invata-
tions to attend the hearings.
One official noted that Euro-
pean rompanics also seem to
have hcen hesitant in bring-
ing up Import obstmedon
cases before the Trade
Ombud.sman’s Office opened
early this year.

Gatt ministers to hold
World talks nest year

LESS developed countries
plan to hold a major round
of negotiations, prohahiy
heginniiig next year, in
reduce tariff and non-tariff
harriers to trade among them-
selves. Brij Khtndaria writes
from Geneva. Ministers from
members of the Group of 77.
which comprises the world’s
less developed countries, m'UI
meet in New York nest
mnotb to start preparations.
Previous trade negotiations,
such as the Kennedy and
Tokyo Rounds organised hy
the General .Agreement on
Tariffs and Trade (Gatt).
have involved exchanges of
trade concessions by both less
developed and industrfaiised
countries.

I THE U S. Congress this week
I moves into the final stages o£
I enacting a Uw which would per-
I mil the formation of export
I rrading companies, raising
' hope.c within the Reagan
i AdminiscratioB that the leaisla-
; tion wiil receive presidential
i approval on Labour Day, Sep-
tember 6.

The legislation would allow
hanks, producers of goods and
bcrx'ices, marketing companies
and fio on lo combine their
resources to sell abroad each
j oiherV pmduos or the products
i of other companies. There
I would he a built-in immuaity
acainst anti-trust actions.

Plans to establish export
tr^din;; companies, along with
c.»Iorts lo change Uie Foreign
1 Corrupl Practices -Act and a new
j tax regime for expatriates are
! tile centraL points of the Admint-
j straiion's attempt to take con-
I straints off U.S. exporters.

But the export trading com-
pany legislation is the most
adranced in Congress and with-
in the next fortnight a com-
mittee will he established, bring-
ing together representatives
from the House and the Senate
to reconcile bills wrhich both
sections of the legislature have
passed.

Last week, the House of
Bepresentotlres first passed two
bills related to export trading
companies and then later passed
a trill vKhich is in effect a com-
bined version of Ihe earlier two.
The Senate passed a bill in
April 1981.

The approach of the House
is said to be more generally
restrictive than that of the
Senate.

ITte Senate wants the Com-
meire Department to have the
authority to grant ccrtifiratlDn
to new companies guaranteeing
and-tnist Immunity, but the
House ^vours the vesting of

BAe Jet deliveries due
to start next month

this power in the Justice
Department.

The House would like - bawfc
investment in the new com-
panies to be restricted '40 bank
holding companies, wb'tle the
Senate is content Ho allow direct
participation,

.Again, the Senaiie 4s. content
to exempt from official appeoval
bank investment in* the. new
companies of up to ^lOm-'but
the ' House would . like "the
Federal Reserve Boar^ bo soreea
all bank investment.

Ftoally, the Senate • -would
allow export trading companies
a greater freedom to import
goods than would the House.

Althou^ these differences
are seen as serious within the
Administration, they are not
thou^t to be irreconcilable.
.\nd certaitriy there is ImMd

agreement on tiie prind^e of
the legislation and opdmism
about its role in job creation.

SHIPPING REPORT

hence the desire to see Preside
Reagan sisn' a' bUl into, law on
Labour Day. '

U.S. efficiails have observed
that twb-^cirds of . Japan's'
export are haadled by esp^.
trading companies and 'whiile
there is no'- desire to emulate
this, suzSreys' have .suggested
that the-new:law could .^»rk a
5 per ceat .dtfcrease. ih ILS. ^-
ponts.-Wiilthin.~tiniM yeazs.

U.S.; eipows';have' a valued
ovCT "ffJSbn: a 'leonth. . but -the*
exporting network- of .companies
is smaii for the - size. <rf the
econcKoy. .. - . The . - Cdmoierce'.
Departm^ has estimated tbait
only 10. .per cent .of manufac-
turing jcomiiairies have export
Inisiness.''.

The offidal ^on is to widm
this . network and arrest the .
decline in the U.S, share of
world-tnide.' This has dropped .
from IS to 12 pm* cent . since
1970. - •

agrees

to buy

F-l^s

Premium on Kharg Maud

BY JOHN WICKS IN ZURICK

DELIVERIES TO European and
American customers for the
Jetstream 31. the oew light air^
craft manufactured by the Scot-
tish division of Bntish .Aero-
fipace. are to start in Septem-
ber. This was stated in Zurich
Friday, where the company held
its fir.-:t foreign presentation of
the model.

.A total of ten firm orders
and options have alreadv* been
booked for the aircraft, accord-
ing to Mr Ron Bustin, Technical
Sales Manager.

Mall Airways, of New York,
has ordered two untu with an
option on a further two. Contact
Air (Suittgardi has placed two
firm orders .and has an option
on a further one. while the
Oslo-based Pannair has ordered

one with an option on a further
unit. One model has also been
sold to the group's UB. sub-
sidiary* m Washington.

At the same time, an un-
named coimouter airline on the
U.S. west coast has issued a
letter of intent for six. while
an unidentified UK company
has paid a deposit on one.

All of these 17 completed or
pending sales concern the, air-
craft in its l^eat commuter
version. Tlie current standard
price for this is some £1.26m
fully equipped.

A 12-seat Jetstream 31
intended for use as an executive
shuttle aircraft will be presented
to rerporate and commuter
op^ators in Germany. Scandi-
navia and the UK

BY Al«NtEW FISm

IRAN'S Kharg Island continued
to be a focal point on the inter-
national tanker markets last
week, vrith rates now much
higher than elsewhere in the
Gulf.

Shipowmers willing to have
their vessels loaded at the island
and pay the extra war risk.
Insurance caused by hostiUfieB
with Iraq can gain substantial
premiums.

£. A. Gibson Sbipbrokers
reported that a major U.S. oil
company obtained a 263,000 ton
ship for a voyage from the Gulf
to the West, steaming at a slow
n knots to have fuel, for only
Worldscale 21.

But a 210,000 ton cargo from
Kharg Island to the Mediter-
ranean was fixed for as high as
Worldscale 32i. Gibson noted

there, was also a praaiain .for
loading from Irazr for . a. trip
within the Gulf. The .same was
true for -smaller tankers willing
to load at Kharg Island! .

OveialL'. however, the . rate'
structure remained: depr^sed,
thouj^ there was more inquiry,
especially for vessels up to
around :10QJ)00 tons! Gibson
said that “with the onset of the,
summer month^-- the .market
seems even more soporific than,
usual.”

Dry cargo maiicets rem^ed
poor. Owners have been laying-.
up more and more ships as
rates have aontinu^ .tO' sink.

“The immediate prospects for
the dry cargo -markets are
bleak,” commented 'Katbesoh
(Chartering) in its monthly
review.

I w UU:J

F-l^s ' -

tauv 44 additional .Ampnean
' F-18 jet fighters ^to: repto

the air force's ageing frenub-
made Mirage airciaft; the
3>efence Ministry, said-;.-
He cantionea. however!

purchase binges-.-OB-*«-CiSrf

• wiDingnea to. jlace:;.ocd&s
In'- Belgium m comneagte^MT.

••'ihe purchase of .

The .F-lfe wR.-

• assembled .in: wrs3|BBia,'''B|u-'

gfam’s ecdudniieBnyi«pressbd
French- speaking ~:fbiitli^D
half. ;

“The 44 ' aircraift-.^vdR-.odst
around BFr ffObn 'f j^2ffDl).
'Under Belgium*s.-du^iiL 40-
year defence. -mbdernisatiDn
programme, .Ui.nvfauHs.i^^
become available^ in 1986 ' or
nra years after'Bd^um will
ha^ tak^ dblivety of ' the
last of a series '0016 F-18s.
To keep F46 lipgs

in- the cideBr.bf:XI^,aod
Charleroi busy- bebmen. 4984
and 1986, die G b vie moi entwill
ask the Rea^ -VLdmjnisfra-
tioD for enmp onsati'nff orders
It wants the - vidu'e! of these
orders to -amomaf-to 58 p.er
*■ cent of the -P-iff: jjtder. Bel-
gium is also^imekUig'“lDdireict
compensation of >22- jief cetit
. (of the value; '.otl the " P-16
. order) for^ !tlndi;^tile^ Jn
.. Flanders,” 'Benia’s. Duttfi-
speaking, .nocthej^'^ half,
Beigian !Gqy«^ii&ient official
.. said. ! -

AP .

Aklme pa^j^ats

THE Bank' df Tanzania has paid
over £610;p^'to- hard cur-
rency to', inteiraational ai/*

' lines opaating-rln TanzaiSia
as part for tickets

and frei^tridia^s owed to
them ov^fhe.sP^ months.
.ReUter‘'EtiiR^':^om Dar cs
Salaai^^.^m' money is about
■ a sixth-bf'Tahzania's debts to
...the airlines

V-"' •‘•-'••J

OO

M^y investors regard commodity futures as too
mudi of a gamble. For the markets are volatile in the extreme,
‘which means theiisks can be undeniably high.

It also means, however that prudent and informed
investment canproduce quite remarkable profits.

And Tve can prove it. Jus t look at our record ^ce we
began our Managed Speculative Accounts in Commodity
Futures four years ago.

In seven months tradingin 1978, ourinvestois each
received a return of88%, after all deductions. In 1979 and
1980, the returns were 115 % and 84% respectively. Last ^'ear,
during a time when the markets were depressed, we
maintained our performance, providing profite for our clients
of 86%. Tliat adds up to an average return to cUents each year
for the pastfour years of 93.25%.

The minimum investment is £2,000. And our account
s^[reement provides }tiu ^vithadegreeofsecurity not
normally found in this speculative fidd.

If all this sounds impressive you may wish to know
more. Inwhich case, complete the coupon now.

K

Index-Uniwd
National Savings
Certificates

Nowwithlnd^-lmk^Natioii^^ ^

Certificates you can protect an everibigger part of 'I
yoursavii^. up-to£ip,000 worlii^ouble the
previimsliinit. . v.

Openteevenfaxiv -

■^^etherybu^7or70,whefhe^ ■>;

tax payer or not; buying Index-liriked Certificate^'
is-the simple way^tb make sieyb^
lose its purchasing po\^.'

The cash value of the Cer&ates is linkedib : 'ir

your Certificates fora full year, , their lepaymeitf'-V

thernselvesindex-hnked.Fbri^^ suppiffi,e tlie

would then have a lepayrnehl: value :

value would increase birQ^m^lU.
And so on until repaym^t

Pasi pfiformance is ttoi necessarily a ^ide iofut'drs comings.

Please send 2neacci2}yoFyDurhrocbure*MaaagedSj}ecu!adveAccouiit5in
Commcxlity Futures.*

yame— .
Address.

Triephonc

Secu7jdes& Comna ^iti^ Ltd.

Bepc. KH, Exdiange Securities and Commodities limited
4fi Hi:;h S ox;c t, ^ Vanriefc C\^4 4.4X.

Telephone \Shnricb (0926) -IS900S,*192779,4926S3,49264Sor497507

FT 2/S/32

term, you receive a bdrius of 4% on the piircl^':
price. Not onlywill your iribney have m^tSriSL .
its purchasing power, butih^ieal temisydivip
betteroff >■' j-.

income tax* (mcluding il^stmentmc^^

s’'"' ...... ..

If you need to cash th^ during *

amouhtjougetikekis^;^ thesaKj^yQ&te^

. Ifyouarelooking^rasiireah^^^^^^

inflatiGn-proof even-ihore of

the time to putitintelhdex-linkedNatic^ia^vi^

Certificates. Get them at Post Officefc- • .v- -

IndexMiikSd ! - a-

iss National Savings Certificates

UK NEWS

Two more I CEGB seeks new deal with

UbydsBank

IntetestRates

Llpyds BaiokPIc Will leduoe its Base Rate
fbonil2% to 1L5% p^widi efectftomtiie dc5se
ofbusiness onMonday, 2nd Augustl982*

Odieriates ofinterestwiUbeieduced^
7'daynoticeDeposit Accounts and
Savings Bank Accounts - fiom 9% to 85%

Spe(^ Savings Plan - from 11% to 105% p^
Cashflow Account credit balances - from 8% to 7% p*a*

The diange inBaseRate andDeposit Account
interest vrfll also be applied from the same date
by the Unitedl^gdombianches of

Lloyds Banklnteniadonal Limited
TheNationalBaxik of NewZealand Limited

UarfiBajtW^71LnMtedSaeeclco3cinEC3?3BS.

creditors
of Saudi
dealer

Bjr Alan Friedman

JOHNSON Uatthey Bankers
anil Lloyds Bank International
are the two latest eraditors of
Abdnliah* Saleh Rajhi— 4he

Saadi Arabian moae 7 *chanser
who o%iws British, Belgian
and other banks abrat $300ni
(£173np — ^to eome into view.

The fipanrial arm of the
Johnson IHatthey industrial
gronp Is H anning more than
gi-Sm, which it wrote off in
its 1981 aeeonnts. The daim
relates to specnlation in gold
bullion by Abdullah Saleh A1
RajhL

Lloyds Bank International,
the international arm of
Lloyds is understood to

have an exposure of more
than £i.5m as a result of the
extensfoD of foreign exchange
of credit to the Abdullah
Saleh A1 Rajhi business, which
is based at Ad Dammam and
has 40 branches.

Lloyds Bank refused to
eonfiiin or deny its exposure,
but the bank is believed to be
mairing provisions against pos-
sible losses. The other UK
clearing bank to have pro-
vided the Saudi money-
charger with foreign ex
diange Is National West-
minster Bank, which is
daimJng about S1.2ni.

BY HAZa DUFFY. TBANSPOKY COMffiSPONDBJT . ^ Cm>h^ into 0»

BRITISH RAIL and the Central possibility of making more use ^ reaching agr^ CM putdi^ last year.

Fiflfrripitv Generating Board of alternative transport. Si-nt. although the diseassions The report ioottd the arrange-

Electricity Genera^ amounts of «aJ menu „ majof Tesfriction m

are renegotiating rteir £l90m be shifted to other Br thU vear. compeiilioa ' from alternalsve

a-year contract for the carrying forms of transport turned out 7^0 freight itivinon forms of iraftsporr* and recom-

of coal from pits to power to be small— and environmental t revenue,- mended that it be abandoned.

Stations. considerations would Play .3” J 1 agreement on the It also recbmmenUed- that iho

•ml. ha 0 aH 9 important part in determining » Mniract— accounting for price variation mechanism in

The outcome of the preferred means of cwr^g ^ ar^cement should be to-

tions wiU be cnticai to the coal— BR fears it could lose :„bt the vised so as to give J3R a greater

_c X> 0 >. nnsM. AS..: 1 a* the mATeiB J5K S ireli,m .. i .. .T..,.

oh ' from
iransport*

•rBeo.c„.eoF t.enes««a- S'

tions wiU be cntic^ to the coal— BR fears it could Iwe JlK^reicht busings— aU the vt«

future of BR's freight opera- sufficient business at the margin BR s tre e

tions which have been consider to threaten current J[WlS ^oi “^g CEGB’s* decision to try

vised so 8 $ to give J3R a greater
ioducement to limit ^wm of
its costs and to enable the

ably weakened by the recent prodtability of the CEGB con- l^ange the esclusive deal- CEGB lo benefit frtm improvfr

fwo-wfi^k strilc 0 by tr&iii iota ins arr 3 OJK 6 Bi 0 !it with BRr jD6cts in prwiucts v ity ,

^ and lasts for J5 years, w* two whj* pmid^ ri.sni loss last year, substan- •

The CEGB. BR's largest five-year break clauses. Dis^ wmw y pithead and less than the figure of

freight customer, wants to end sions between the two sta^ wsv station, arose from the £23m :n the report and aecounls
its exclusive dealing arrange- owned bodies have been going Monopolies and published in Itay.

j ment with BR and so open the on for many months. report or

ICI and BP sign swap MrJoceyln
deal after writ hiccup

Nortbfield since 1979. was found

BY SUE CAMERON in the grounds of his home

IMPERIAL Chemical Industries petrochemical raw materi^ in the city on Salurdaj. Ho
and BP Chemicals have for- were nothing more than suh.- was ao. . nf

tM 9 .i.iir «Y«ir netTo- sidles. ICI maintains that the jjjr Cadbury was a member of

OBITUARY

Mr Joceyln Cadbuiy j

MK JOCELW CADBURY, &n. \

dead in the grounds of his
in the city on Saturday.

mally signed their petro- sidles. ICI maintains that the
chemicals swap deal— but only concessions are therefore in
after British Petroleum had breach of the Treaty of Rome.

for Industry. :#

At W'estminster. Mr Cadbi.]Q .
was seen as (.burmin?, h?:'^
v.'orking and raihor enrrert. ^K^ L

taken legal advice about an ICI
writ against tile Government

BP Chemicals is planning to
spend some £30m on conversion

the Quaker chocolate family v/orking and rainor

and tiie vounger brother of Sir w.?s very much the det.;a

Adrian Cadbur^-. chairman of public-spirtcd wa an u^ ^

■V t: _ • rnwiK- rather thriT* a r*»

The deal involves ICI ex- of a whfeh is dominated bv the BL Friends and MPs. hnwc’.g-

changing its low-density poly- Lonsbridee^ plant on 'a 15 per regarded him as someihingfe

ethylene plastics business in swfng f“m a lonely figure - unusiiag

the UK for BP Chemicals’ PVC benefit from the tax wncoj- cent swing ^ reserved for a poiitic-.cn. .%

plastic operations. The agree- ® ^ times iie sat on his own in tn-j

Cadbury Schweppes.

He won the Northfield seat.

class family rather than a
flying ir.lclleetiial.

Friends and MPs. hnwo’Jfr

Wniiams

&Glyfrs

Interest Rate Chang ifi.s

Williams & Glyn’s Bank
announces that with effect
from 2nd August 1982
its Base Rate for advances
is reduced from 12%
to 1116% perannum

Interest on deposits at 7 days’
notice is reduced from 9%
to 816% perannum

Williams & Giyn’s Bank pic

Grindlays Bank p.i.e.
Interest Rates

Grindlays Bank p.I.e. announces that
its base rate for lending will change
from 12% to 14 %
with effect from 2nd August 1982

Hie interest rates paid on call deposits will be>
call deposits of £1,000 and over 8^%

(call deposits of £300 — £999 7}%)

Rates of interest on fixed deposits of over £5,000

Tsill be quoted on request

Enquiries: Please telephone 01*^30 4611

» Grindlays

L3lIb^pjcl

Eesd Office: 23 Fencbiirdi SCreet, Lmdoa EC3P 3ED

Imenrrplut of a Europ^de *^°M?c^dhurv was re«^rded as .VtPs" ‘upper^*GajTcr--*' l^^^^

SSSSe sjsses

Bntmn. ... . ease. ICI is confident that it He was one of Ihe signatories and Mth.opoloj,j .:nd

ICI is expected to make a of “Changing Gear.” a pam- good oarsnan. He 'lo

small paynmot of less Iban £5m Meanwhile. BP Chemicals is prfilet produced in September, industeral relatiors nfiicer at

as part of the deal. continuing to make heavy losses 1981, by a group of younger Joseph Lucas m

Last month, Id took tile un- on its petrochemicals and plas- Tor>- IIPs, the so-called '* wets.” from 29»0 to iSi4 and tlicr:

precedented step of procuring tics operations, partly because They criticised Ihe results of worked as a manager ;:i L'lc
a High Court writ against the of the French Government’s de- the Government's economic stra- family business.

times lie sat on h:s own in

3IPs’ Upper GaJIciy

down on the Commim*: Charrbvri^a

Eld

outcome of the writ before be contacts with ms car
signed the deal with ICI on constituents and in voiai
Friday. He was evidently ad- ries about the problems
vised that ICI would lose the West Midlands,
case. ICI is confident that it He was one of Ihe sign
will win. of “Changing Gear.” a pam-

Meenwhile, BP Chemicals is i^let produced in September,
continuing to make heavy losses 1981, by a group of y

ucriiUk CAiAcmci.v %«%•*»•***

contacts with his car worker letter tSmr. in tne Hou.vL- :ueir
constituents and in voicing v.-or- Mr Cadto’.was t^ucatod
ries about the nroblems of the Eton and Tnnily Cn icne. tam-

bridge, where he pjad ccon«’m!i.'S

Co-op Bank
anncwnces a change

From 12.00% to 11.50% p.a.
On and after
Tuesday, 3rd August
1982

Deposit Rates will become;

7 day deposits 8ii0%p^.

1 month deposits 8:75%p;a.

ShorHerm deposits range
from 9.50% to 11.10% p.a.

depending on amount & tenm
(minimum £500 & 6 months)

First Co-operative Finance Limited
Cheque & Save current notional
interest rate is 8.00%

He was one of Ihe signatories and a.^throp^>logy

good oarsnan. He w:ls an
industrial rvlatiors ofiiccr at

1981, by a group of younger Joseph Lucas in Birm:niJ.'%«"i
Ton- MPs. the so-called '* wets.” from 2970 to 1974 and thcr

Government, in support of its cision to freeze prices until Sep-
eontentlon that tax concessions tember.

being given to Its main UK Further rationalisation

rivals — Shell. Esso and British BP Chemicals is therefore ex-
Petroleum — on the purchase of pected.

Mr Cadbury urged expansion- Laurence Cadbur:.'. ag«l PS.
at ary measures. particularly The family had a L:berr
>x- aimed at helping manufacturing trsdition and he was the firi:: ti
industry. become a Tory MP.

WEEK’S FINANCIAL DIARY

The following is a record of the printipal business and financial engagements during tiie week.
The board meeting are mainly for the purpose of considering dividends and official indications
are not always available whether dividends concerned are interims or finals. The sub-divisions
shown below are based mainly on last year’s timetable.

CA Cav*ndo« SocItF^a/l fi'i

ftasc Oca Inal!* cur 1966 Si07 7;
Cr>r&:U*u Sans, OG KrKi:»aM Fitj fs,'-
Sub rla;c3 t99t 539.: 3
CQrs!rue:iar< Him 6.9Ja
Maiavsia Cora S«r ID

ercTfY-f 2 .r:ja

New T'trarupcrTc't TiS 'ncetj*?

Preu fW.K.D'r.: 1.C6p
ScaSem L- Zac

TODAY

COMPANY MEETINGS—
Hadewoed Foods. Emairo
Rowdltch. Derby, 12X0
Pnbow HidoA RlchborauBh
SSMMlen, Kent. 12.00
BOARD MEETINGS—

FlMbK

Allia In* Tran
Lonoton Indusvfsi
McLeod Ruasei
Norton tW. E.)

Phocnljc TTmotr
intcrlnrs

IntnJ Inv Tra&t Of Jersey

TR Industrial and Gen Tst Db 2Sik
United Stales and Gen Tst Corp S.Sp
TOMORROW
COMPANY MEETINGS —

BET Omnibus Senrieea. Stratton House.
Plcouillly. W. 3.00

WEDNESDAY AUGUST A
COMPANY MEETINGS—

Elenroad Mill, Bentoato Street. Newber.
Rochdale. 3.30

Energy Capital, 30, Artillery Lane. E.
1030 . .

Eoultr ^aort in* Tst. New Court St *>«»«*«*«■ «*»**•• W.

FSnR**"HoS3l^ *%owlov Park Estate, H«den (Artnur). Midland Hotel. New

ulVIDENO & INTEREST PAYMENTS— widlw

Moriey, "Leei^ 1130 ' ' StreA. Birmmgriam. 12.00

Stead ajM SImpnon. Pesae Way. Svston. Man^eld Brewery. Utticworth. Mansfleld.

sitS?S's(»eIkre». MldUnd Hotel. P«er

Street. Manchester. 1230 _ PIccaOMI* CJ«ufc W. 1...aa_

Scottish Northern Pi* 7»t 4'48CP*

T6L Thenna; Sr-d tarn i b
^ ralirer and S;aR 1.370

FRIDAY AUGUST 6
COMPANY .VEETINO—

Brickhottse Dudley. Strariialian Hsirt S79
H||^* Roao. Edabaston, E.rrr rshap*.

Ferginon ineSustnat HUgs, Appicbr Catlle.
Cumbrtj. 1 1 39

GEI Irsnl, Sa.av Howl. S:rir.d, WC,
. H 00. _

AlliM London Properties iDpcPf $pc

Allied Lyons 33 p

Bniby Leslie i3o

Breid Group SpePf I.TSPC

Brown Shlwey 435p

CiPcorp 43cu

City of Aberdeen Land Assoc dpcPf lulPG
Coalite Grp 3.1 p
Continental Illinois Corp SOcts
Courtaulds 2 p
O e u Rue 1S.4BP
Fleoilna American In* Tst 3p
Hardvs and Hanson 4o
Hawker Sirideiev Grp SIjpcpi i.92Spc
H untingdon nnd Peierborougb City Coun-
cil 9hpc igai'PS 4t,oc
Imperial Chemical Inds SpePf I.TSpe
Jenners, Prmces Street. Edinburgh lOocPf
Spc

Lloyds and Scottish 1.67p
Northampton Var Rate Red 19S3 £7.8125
Pentland Inv Ttt I.Sp
Pitman 1 QkPI Spc
P roperty PartnersHps 3.1 p
Shell. Transport and Tridlng 7pe 2»dPf
2.45 PC

SJough Estates Db 3«,pe

Boundary Street. E. 1230
BOARD MEETINGS —

FliBls:

Austin (James) Steel
Black (Peter)

Gnome Photogr a phic Prod nets

Malaysia RubbW

Sentrast

Smith roavid S.)

Interlns:

Aaronson Bros

Barclavs Bank

Bath and Portland

British Prindng and Comnunlcatlon

Evodc

Hoover

Johnstone's Paints
Law Debentore
Lonrbo

DIVIDEND & INTEREST PAYMENTS—
Brunner Inv Tst l.4Bp
Continuous Stationery 1.7 p
S utton Dlstiiet Water 7 pc (fmly 1 Qpci
3.5PC. Do 4.9PC (fmly 7PO 2.4Spc.
Do 3.1 Spc (fmly 4i«pci Pf 1.575pc.
Do S.8Spc Red Pf (fmly 5iwc> 1981-83
1.92SPC

Baidaj^Bank

Nesco liiv. 44, Bloonuburv Square. V/C
12.00

PoMiell DuffrVQ. Dorchester Hntl, Park
Lane. W. 1S.DD
_ BOARD MEETINGS—

Finals:

HaUlte

TR City of Loodon Trust

Interims:

SIbby (JJ

Rights and Issoes Inv Trust
Smaiishaw IR7) tKnitwuar)

DIVIDEND A INTEREST PAYMENTS—
American Medical Incnl Inc ISCK
BET Omnibus Serriees lOpcPf S.SpC
Banco De Gogota Finance Corp Gtd Fitg
Rato Notes 1S8S S82-9S
Bank pi Tokyo (Curacao) NV Gtd FI19
Rate Notes 1991 S413 22
Castlelleld (Klang) Rubber Estate 4p
Doonrfentein Gold Mining CK).39644o
Dneionteln Cons E7.94BP
EJswIck-Hopper o.ozso
Folkestone and District Water 7oe Ilmlv
lOpc max) £10 3.SOC. Do 4.9oe rfmlv
Tpd Mae Now Ord £10 2.450C. Do 4.9oe
(nnly 7pci Man Ord 11953 Issi £10
2ASPC. Do 3.5ee (fmly SpO Max Ord
£10 1.75PC

Gtd Flig Rate Notes

Jenkins ‘Re
.ham, J2.0'

nsMuie, 28 AIEermarSury, [C.
• RMcrti WertKv Reei, Rs:--’-

Sum Graup. Ssxe.t inn K9::l. Yew 7rrn
_Dr1vg, .etaetfcgrn, U.33

Wi^sh^ter H9 um. 77 Lbitfur

coard'meitings—

standard Chartered

announces that on and
after 2nd August, 1982
its Base Rate for lending
is being decreased frem
12% tc 11 p.a.

The Interest rate payable on deposit accounts
subject to seven days notice of withdrawal will
be decreased from 3^ to Bk<H» p.a.

The Interest rate payable on High Interest
deposit accounts subject to twenty one days -
notlce of withdrawal will be decreased
from 1096 to 9 ^^ p.a.

Standard Chartered

1^ Bank PLC

BASE KATE

Barclays Bank PLC
Barclays Bank Internatioiial Limited
announce that with eSexx fixun the dose of
business on 2nd August 1982, their Ease Rate
will be decreased from 12% to iii%
per annum.Tbis new rate also applies to
Bsirclays Bank Trust Company T.imitoci.

RATES FOR SAVERS

Bonus Savings and Payplan Accounts.
Litetest paid will be dd3easedfromii%

tO' ZO^% per anniiTn.

Ordinary Deposit Accounts.

Interest paid will faie decreased from 9%
to $i% per annum.

BARCLAYS

lies; OSgb: 54 Lonbitd Sb, EC 3 F 3AH. Reg. No^ 4U39, gaeSSesod ZEoCitf 7 .

£10 1.7SPC

Hl^oNIm^Jntn^ NV GU Fllg Rate Notn
Johnson Mamer 7p

KMMnDnaii (Rubben Oevetopment Synuieate

Kloof Gold Mining 7S.4955Sp
Libanon Gold Mining 70.46252P
Stead and Simpson Ora and A Ord E.ESo
ventenpost Cold Mining 27.68 I7 e
V lakfontcin Gold Mining 10.066070
THURSDAY AUGUST S
COMPANY MEETINGS—

^down Straihctvdc. Central Hotel. Ger-
don SWwt. Glasgow, 12.00

Knights-

DnoflP. SW. i1«4a

W?sS?e?r^rap^ 1^SS^“
‘=i»h?wcf*?o!SB ”«"*•

Intnl, iRstltutloti of Electrial

Englneen, Savoy Place. WC. 12.00
THpiax Foundries. Upper Church Lane.

TlPtOfla 12.00

United Electronics. Great Eastern Hold
Liverpool Street. EC 1230 "*««•

„ bmrd meeting^

Flea Is:

Gorton and Goteh

!8S? SISP™**

jvago? Industrial
Interims;

AquIs. .Securities
Sllverthorne

DIVIOEND i INTEREST PAYMENTS—

men and Reelnicui
Regional ProBciTies
Sb.iw .^fM Marvin
Inicrims.'

Nuriingiiam Manui.idurirvg
Standard lelobheiw and Cabin

DIVIDEND A INTEBSsr PAVMSNTS--'
Amber Industrial 3o
Anderson St-aiheivse 4 . Op
A nglia Televi-:i9n Crouo A 8 So
Anglo American Corp el South A^sa
Pid 1.49320P

Bakers HeuMhald Stores '^miil O.C8n
Beccnweod Con'.tructio.i Ip
Brickhuuw Dudley S-fSo
British American and General Trust Cn
2pC

British anel Commo-mca.th Shlpoina 7.Sp
British Dredging C.So
Brown (Mallnewl I.^Sp
Burnett and Haiiamsh-rc 7.Bo
Century OH$ S 4?

Continental iind Industrial Trust 9p
DcntSOlv Ln 4.',pc

Dundenlan 2o
Edbre iHldg:: 3o

Grpprvlel Pruprietarv Mines 13QQSS7P
HopLItisons Hldgs d.TSo
Imperial Chemical lr:is Ln S.'.n«
Inieigiatlonal Distillers and Vintners Lr
41. PC

Intrrn.Y-loral Paint 3s
LCP HIdgs 1.tp

Mariveale Consc'litated Minrc 8 (i3S67r
Mid-Sussex Water 4.9oe itmlv 7oe) Max
addtl ora 2.4SK
Meuntview Esixtes Z.Sp
Muirhead 2o

New Throgmorton Trust L» 3'rpc

Noreross 3 92n

Pegler-Hattr-slov 6 7So

St Helena Gold Mines 72 B2S53p

Stilfontein (iela Minns 100ns

Tccaleml 0 6u

Tesco Stores i 9 p

Triple- Foundries 1o

UDS Group Ip

Unitnd siectror'es O.SSp

Vectis SipiiC 0 6 p

WC1 S.4p Do C. 9 -T Pf ?4SK

Web'.ter iSnmuel' Dlj 3'rp?

Whi'bread D? 3" PC
Wbodhead 'Janas: Q.lo

SATURDAY AUGUST 7

DIVIDEND A INTEREST PAYMENTS

Burroughs Core 65els
Fuller SmiU) agp Turner A So

®sSg“*N5'£"’S*ue“?95i“^4®oHo”‘« fflVn" H^hi'?esTa 4Tpc l-»97.g2 'A-.?)

Barlow HIM* S403.79 2«,pe. Do Aijpc 1 967-02 runasspi 2 '.oc' '

SA Fitg Rate

Sob Notes due 1992 S403.79
Berlow Hides 235p
|i«ford Property Tst 3p
British Inv Tst Db 2pe
Buffeisfontein Gold Mining 2B0cts

SUNDAY AUGUST 8

DIVIDEND A INTEREjT PATMENIS

Rwd_ Intnl Deb S’.pc ;1990.9S'. Du
Ln SPC

<^BAHE0FSG0TLUD

Base Sate

The Bank of Scotland intimates, that with
effect from close ofbusiness, 30th My 1982
and until further notice, its Base Itete will be
decreased from 12% p.a, to 11^% p.a.

LONDON, BIRMINGHAM & BRISTOL

OEFICBS— DEPOSITS

The rate of interest on sums lodged for a minitniiTw
period of 7 days or subject to 7 days’ notice of withdraiira]
will be 8}% per annum also with effect from close of
business 30th July, 1982.

TSOBBASERATE

With effect from the close of business
; on'Monday 2nd August 1982
and. until further notice TSB Base Rate
y will be lli% per annum.

TBiJSTKE SAVINGS BANKS

CentialBoarcL

EO. BoxSS, 3 Copthall Avenue, LcmdoiiEC2P2AB,

U5.$ia^,OOD,000 Guaranteed Roating Rate Notes due 1984

Citicorp Overseas Finance
Corporation N.V.

(Incorporated with limited liability In the Netherlands AntiilesJ
Uncendhienalfr Guaranteed bjf

CmCORPO

In accordance with the terms and conditions of the above-mentioned
N«es and the Agent Bank Agreement dated ss of November 23.
f'-i-il Citicorp Overseas Finance Corporation N.V. and

Utibant NA., notice is hereby given that the Rate of Irtorest for
the third one-month sub-period has been fixed at oer

annum and that the interest payable for the third one-mon:h
uj'$rf333 U.S.SI0JXJ0 nominal of the Notes will be

Coupon No. II payable August 31. 1982

August 2. 1982

By; Citibank, NA„ London, Agent Bank

anBAM<&

Lch

Tfaequaitcnyicpoitasof •

31stMfiTclLl982of

Leveraged CapHal
Holdings N.V.

has been pnblidirf nnd Tiray Tiarih fatne d frn^
£I£BS0N»B£U)B1NG £HESSC£S[NK
.AimfenTflm

ib; ji >1 f

anciaJ Times Monday Augast 2- 1982

UK NEWS

Britoil
becomes
independent
of BNOC

U.S. proves healthier as heart disease takes high toll

BY DAVID nSHLOCK, SCIEMCS EDITOR

: the has been . far more £2S5m last year. This includes the U.S. pattern of the 1970s.

Tlie analysis calculates that bp w Board has oTerspent its budset ' Cash Imuts bad made it la-
the decline in deaths is because Sir Simpson Steyenson, chair creasingiy difficult to' maintain
of a decrease in smoking. 25 man of the Health Beard, said: the board*s policy of no re*
per cent because of lower senira *'We have, along with odier dundandes, he said.

By Bichard Johns

britoil yesterday became
an independem entity control*
iiag production and exploration
interests owned by the British
National Oil Corporauon.

. successful than Britain at £154m for about 2.9m patient- Instead, Britain’s mortality
! redndng the risk of death from days ctf hospital care. Drugs rate from • bean disease has
I heart disease according to a cost £84.5m. remained almost imchanged.

; published today by the The health office warns it is except for some decline in males cholesterol levels, and 25 per options, looked at the derma- iiftno mn* hinnnrt nrnh.

Offi« of Health Economics, the unrealistic to ejqpect a single aged between 35 and 44. cent because of better manage- tology unit and it is a distinct haalr

.u. ... ^ ment Of high blood pressure. possibility that it wHl dose,

although I cannot comment on

think-Tuk of the British' pha^ drug to cure the disease, given The report blames a reluct* ment of high blood pressure,
maceuucai industry. Jts complexity. ance to change certain habits— A British interpretation of the although

Nearly 28,000 men and 7.400 Treatments likely to be avail* mainly smoking, exerdse and figures, made by the Hoyal the timing”

women under the age of 65 in able in the foreseeable future diet. And it says public aware- College of General Prac- Succe^e governments had

Britain die flpm bean disease will be unable to treat the un* ness of the risk factors for titioners. estimated that such asked the authority to reduce

each year — a higher rate than derlying causes of the disease, coronary heart disease is “ dis- changes could save 15,000 hospital beds because (rf failing SSSq i ^

most Europeancountries, and at. which aie still unknown. appointingly inaccurate." British lives a year among population.

least five times as high as Japan. But it calculates that 9.300 It cites a recent analysis of people under 70. “ We are having to act quickly ^ ^

The report, Coronary Heart fewer deaths*a-year among men U.S. mortality trends- showing • 'Ibe dermatology unit in and there is no doubt lhat some * Coroiuay Heart Disease. 0

estimates the disease aged between 35 and 60 would that the falls of the past decade Glasgow’s Southern General cirt>backs and dosores will take of Health Economics, No.

i tii® National Hedth Ser- -have been occurring by the late “reflect increased efforts Hospital may close because, place quickly while others will WMteholI, London SWIA 2DT.
biaie l«r IMierg> prior lO uie | in RTMrIanft 9 A .1 ■ 1<VmB se k«f1 ^nnNi»a.1 ♦.

sale, planned tentatively for
November, of 51 per cent of

and although this year’s cash
allocation was increased by 9

■ Shares in Britoil, which was a
subsidiary. of BNOC, have been

APPOINTMENTS ^

Senior post at |
Long & Mumbly

vice in England and Wal^ 1970s, if Britain, had followed towards healthier life styles.” the Greater Glasgow Health be longei>tenn." he said.

£ 1 . 00 .

them to the public.

Nigel Lawson, Energy
Seeretarj*. said yesterday the
way was open for the public
offer this year if market condl*
Dons permitted.

Both date and manner of
•privatisation remain problem-
atical because of uncertainty
. ahwT oil price movement and
dm danger of a transfer which
prove, in tenns of easy
«^ial gains, more controversial
;^Ban the sale to the public of
iboersham and Cable and Wire-

BNOC Trading has been
xesamed plain B.NOC. It will
<0tiinie to exercise the state’s
right to purdiase 51 per cent of
all crude oil produced in UK
SemUxey, to market participa-
tion oil and undertake the role
of. price-setter.

•Bn toil starts its separate
' existence under the chairman-
ship of Mr Philip Shelboume,
formerly ^ef of SNOG, with a
.portfolio of interests in produc-'
ihg-flelds and fields under
ds^.elopment, and equity inter-
ests -is more licences than any
triRccm active in the UK. It is
rivalled only by the larger inte-
: companies.

The share of output be-
nceathed by BNOC has run
•■'ccently at 140,000 barrels a
day from the sis fields in which
it has an equity interest varying
SB per cent to 28 pec
cent. . 'ZliKe are; Beatrice.
Thistle, Dunlin, Murchison,
Ninias, and Statfjord.

Britoil lakes aver a 20 per
cent stake in Brae and Hitton
fields, scheduled to. come on
stream in 19S3 and 1984 respec-
tively. It is expected (o make
an application soon to develop
the Clyde field.

Britoil has a half share In
the Viking gas field and an
equity stake in licences cover-
ing more than one-third of the
area so far awarded on the UK
Ceniisental Shelf.

Tories hope
for Reagan
U-tum

By Peter Riddell, Politieal Editor

CONSERVATIVE Party leaders
are looking to a U-tum by the
Reagan Administration in Wash-
ington, rather than to az^
change in British economic
strategy, to help the British
economy and Tory political
prospects before the next elec-
tion.

Mrs Margaret Thatcher and
Mr Cecil Parkinson, the Conser-
vative Party chairman, have
been putting out the message
over the last week that relief
can be expected from across .the
Atlantic.

In the short term, there are
growing hopes that a further
reduction of U.S. interest rates
will permit another cut in UK
rates. This has emerged as the
main immediate priority of
Treasury policy.

In the medium term, senior
Tories hope, after contacts with
U.S. Cabinet members, that the
Reagan Administration will act
to improve the U.S. economy
well before the presidential
election in 1984.

A desire to benefit from any
U.S. upturn is also leading to
talk among senior Tories of the
general election being held at
the last possible date in the
summer of 1984, but October
1983 remains the favourite date.

As Parliament be^n its sum-
mer recess on Friday, there
were growing signs of unease
among Tory MPs about the state
of the econoi^. There are
likely to be demands for Gov-
ernment action in the autumn,
if there is no evidence of an
economic opcum by then. .

Jenkins pledges joint election programme

BY OUR POUTICAL EDITOR

A SHORT joint programme
for action in government will
be produced by the Sodal
Democratic and Liberal
- Parties for the n^ election,
Mr Roy Jenfeans, the new SDP
leader, said yesterda y.

Interviewed on the ITV pro-
gramme Face the Press, Mr
Jenkins eonfiimed the
existence of a Joint pro-
gramme but was cantions on

the subject of a designated
Alliance candidate for Prime
Minister.

He said there would be
such a candidate but declined
to answer specifically how
that candidate would be
elected. This reflects a desire
by both Mr Jenkins and Mr
David Steel, the Liberal
l^der, not to arouse
antagonism before their

responsive party conferences.

Mr Jenkiiis said that the
choice would be made “in a
way that commands the sup-
port of both our parties.
There is no electoral college
for deciding on an Alliance
leader.

“ We have 30 M]^ and
they (the Uberals) have 12.
Th^ would not be a satis-
factory electoral college.

Equally the basis of their
support in the country is
different from ours.”

On the subject of elMtoral
reform, Ur JenMus said the
Alliance would attach at
least equal importance to get-
ting the economy right. “If
we ludd the balance of pow«r,
we would say we must have
decto^ rrform and a
sensible economic policy.”

Police begin Clore tax investigation

DETECTIVE Chief Superinten-
dent Lawrence White of the
Metropolitan Police fraud squad
has begun to investi^te the pos-

The Director of Public Prose- John Dotxbs, Jersey manager of
cutions (DPPj should be adeed Lloyds Bank Trust Company
to investigate the possibility of (Channel Islands). All but 12
a fraud conspiracy, the court of Style's 100,000 $1 shares are

Stock Exchange
court date set

abiliy that there was ' a con- said. The DPP brought in the held by Uoyds Bank Trust

spiracy to defraud the Inland
Revenue of tax due on the estate
of the late Sir Charies Gore.

His inquiries are likely to
focus on the part Stype Invest-
ments (Jersey) — a company
owned by a Jersey settiement
set iip Sir Charles shortly

police last week.

Stype is being sued by tbe
Revenue, which claims that
about £15m is capital gains tax
is due on the £20.5m proceeds
oi the sale of tbe Guy’s Estate
in Herefordshire. The Revenue
estimates that up to £39m in tax

before his death in July, 1979 — could be due from Sir Charles's
played in tbe transfer to Jersey worldwide estate.

aftOT Sir Charles's death of the
£20fim proceeds of the sale of
his larg^ English asset.

Last April the Ghirt of
Appeal said that there was a
grave possibility that the money
had bem paid to Jersey to evade

taT-

A parallel High .Court action
has been begun against Stype
by the. Official Solicitor, who was
appointed by the court to
administer the Gore estate in
England.

Tbe directors of Stype are
Sir Charles's executors and Mr

ComipeDy (Channel Islands) as
nominees of the Jersey settle-
ment

In the Aippeal Court in April.
Lord Justice Tempi em an said
that on S^tember 27. 1979,
the Stype directors authorised
Ur Dobbs and Uoyds Bank
Trust Compaity (Channel
Islands) to execute all the
documents necessary to com-
plete the sale of the Guys
Estate to the Prudential Assur-
ance Company.

It was further resolved, said
the judge, to deposit tiie sale
proceeds with Uoyds Bank In-
ternational Finance (Jersey).

£10m facelift for Mersey raU station

LIME STREET Station, the
dingy, but world-f^ous gate-
way to Liverpool, is to be im-
proved at a cost of more than
£10m.

Go-ahead ' for die scheme —

which involves public and pri- than 3m visitors are expected
va^ie sectors — will be given to- cm Merseyside for Britain’s first
day by Mr BClchael Heseltine, International Garden Festival,
tbe Environment Secretary. which is being staged over six
Ihe project is meant to be months on redded derelict
completed by 1984 when more dodtiand.

By Raymond Hughes,

Law Courts Correspondent

THE EXAMINATION Of the
Stodc Exchange rule. book . by
the Restrictive Practices Court
will not begin until January
1984.

The date was fixed by Mr
Justice Lincoln after he had
heard conflicting contentions
by counsel for the Office of Fair
Tradi^ and the Stodc Exchange
about when the case would be
ready for triaL

Mr David Oliver, for the OFT.
said that tiie earliest it could
be ready would be March or
April 1984 and it would have
preferred the case not to start
before October that year.

Mr Kenn^ Parker, for the
Stock Exchange, said it would be
reaiiy to begin in October 1983.
There would be considerable
uncertainty until the matter had
been de^t with, and that was
not in tbe Stock Exchange’s
interest.

The judge said it was appal-
ling that a case that was to
decide whether something was
contrary to the pubtic interest
should take so long before
coDiing to the court

Small Firms
Service

queries rise

By Tim Dickson

THE NUMBER . of small
businesses taking advantage of
the Government’s Small Finns
Service has nearly doifiiled in
the past year.

A report by Mr Patrick
JenkiD, Secretary of State for
Industry, says that the network
of Small Firms Centres received
212.122 inquiries from April 1,
1981 to March 31. 1982,

compared with 108,767 in 1980-
81.

Counselling has also in-
creased. Altogether 12,660
cases were dealt with in 1981/
1982, compared with 10,126 in
1980/81 and 6, 329 in 1979/80.

The Small Firms Service was
set up in 1972 solely as an
information service, answering
questions f rom owners of small
businesses and those starting
up. .

It was subsequently found
that problems raised were either
not readily identifiable or
required more detailed and spe-
cialised guidance. Hence the
introduction of counselling in
1978.

Counselling is carried out
through a network of area
offices by experienced business-
men, who are employed by the
Department of Industiy on a
self-employed basis. The advice
is confidential and impartial and
covers a wide range of manage-
ment problems. .

Parliamentary diary

TODAY-

Lords: Employment Bill, Re-
port. Adjourn for summer re-
cess.

Deputy chief executive of Tar-
mac's building products divisltp
and chief executive of tbe manu-
facturing division, Dr Jolui
WhitA has been appointed chair-
man of LONG AND HAMBLT.
Controlling interest in the com-
pany was recently acquired
Tarmac. Other director
appointed include R& S. C.
Beeeham. finance director 4f
building products’ manufacturing
division. Mr David Evans, man-
aging director of Tarmac Poly-
mer, and Mr Ronald Tapper,
Tarmac’s legal advisor.

. ★

Hr James Powell, formerly of
Guinness Mahon and Co., has
been appointe d fina nce dlroctqr

of ASS0CL4TED BRITISH

ENGINEERING.

•k .

Mr John R. Storar has beeta
appointed a non-executive direc-
tor of ACROW. Mr Storar is -a
director of Merchant Banker^
Samuel Montagu.

ie I

Hr N. S. Coldwell has
retired from the board of
BORAOORA TEA BOLDING^.
Mr R. J. K. Mnlr has been ^
pointed a director.

W

Hr Michael B. Stewart bas been
appointed financial diroctor qf
D.ATASOLVE tbe computer ser-
vices company recently acquired
by THORN EML He was fingni-iai
controller.

*

Hr Ray W^wood has been
appointed managing director of

T. I. BENNETT MACHINES. He
continues as managing director
of T. I. Bennett Tools.

★

Hr S. D. Wbaram has bear
appointed managing- director of
AIRWORK. Mir Whanam
succeeds Hr T. P, AIdons,s^wbo
has retired.

■*

Sir jack Wellings, having
served a three-yerr term as a
non - executive dk^«r of
TURNER AND NEWALL, has
resigned from the hoard because
oi bss increased overseas com-
mitments in the 600 Group, of
which be is chairtoan and man-
aging director, and his new
appointment as a non-executive
director of the Clausing Corpora
ation, Kalamazoo, Mfehtean.

U. S.

★

Professor John Marahnii is to
succeed Dr David . Davies as
chainnan of the AITENDANCE
ALLOWANCE BOARD. The
appozotmeot is ft>r five years
and comes into effect on Octo-
ber 19.

★

Hr C S. ElDott a partner of
L. Messel and Co and a member
of the Coun^ of Ihe Stock
Exchange, has been appointed
director of NMW COMPU-
TERS In place of Mr J. S. A.
Kingsley, who has retired.

* ■

How to pravicle hot wsater. Without getting soaked.

If 3/our business uses a lot of hot water;
the cost of providing it can soak up your
profits.

It needn't

Because now; using low-cost ni^t-rate
electrici^ an IJVfl Santon or Heatrae-Sadia
electric storage water heater gives you hot
waterwhenever and wherever you wantit—
with significant savings owr many other
systems.

EFJFTCIEiVT-AjVYTEVffi

Bec^ause they're cheaper to install than
any boiler ^tem — and virtuaUy main-
tenance-firee.

Because they cut out wasted energy
Erom long p^e runs. Erom heat going
straight up the flue fixim a centrf heating
systemErom runninga central heating
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And because th^heatyour water when
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principle.

EFFICIENT-ANIWHERE.

V\hateveryourrec[uirementS;’we'Il show
you an ea^to-install unit that gives you all
the hot wateryoull need- whetheryou're
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For more information on the complete
■ range of dectric hot water ec^upinent give
ijs a ring on Freefone 2284. Or cirop in at
'Ihe Bufid Elec^tric Bureaii,The Bufiding
Centre, 26 Store Street London wci.
Alternatively contactyour Electricity Boaitl,

. orfillinthe coupon.

1 For more iaibrmation about electric water
I heating system^ send this coupon to The BuOd
> Electric Bureau, TTie Buildiog Cmtre, 26 Store
I Street,LoDdonvi'ciE7BT a

^ HEATRAE-SADIA

2H5/2

ftgition

I Compaiw/Addrcss

WE HAVE THE POWER TO HELP YOU

T/ie S/ec(ncit>' Cduneit Ei^ghncf iVk/ l\d/es.

ts

js be
the

Tied
^Ktur
'ery v
at 'i
•erks
bas
buise
aa

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wo^
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Wheth
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Liili

THE NORWEGIAN STATE AND MUNICIPAL POWER. CONSORTIUM
SIRA-KVINA KRAFTSELSKAP
■ £6,000,000 7 %% Steriing/Deutsche M ark Bonds 1983

; a G. WARBURG & CO. LTD., announce that Bonds for the nominal amount of
£460,000 have been drawn in the presence of a Notary Public, for the redemption instalment
due IstSeptember 1982.

The numbers of the Bonds drawn are as follows;--

13033

-S2160

• 12250
12373
12543

.. 13769
12921
1306^

. 13185
13299
13462
13547
13647
lasiA
13926
14050
. 14182

• 14343
14613
14632
14793
1493S
15073

' 15260
15563
15635
15711
15832
' 1SS82
16106
16181
16294
1639?
16535
16832
16764
16889
17002
17135
17261
1734S
17476
17695.
17806
17952
18237
-18327 -•
18456
18S50
18649
. 18753
18856
18934
19033
19127
19309
19442
19520
20338
20497
20564
20633
20693
20758
20822
20887
20958
21017
21082
21146
21211
21380
21460
216SZ

12039

12174

12276

1239S

12657

12770

12951

13070

13193

13316

13463

13569

13663

13833

13944

14051

14178

14343

14514

14653

14801

14945

15117

15261

1SS76

15641

15719

15838

16993

16117

16194

16310

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16536

16661

16761

16S30

17016

17136

17273

17362

17493

17713

17807

17959

18244

18334

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18351

1SSS7

18766

18857

13947

19036

19134

19323

19443

19533

20344

20505

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20704

20764

20830

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21028

21088

21153

21218

21382

21473

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12293

12443

12559

12807

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13082

13202

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13583

13678

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14305

14338

14532

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1S577

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14816

15011

15141

15454

15589

15665

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16140

16210

16340

16436

16567

16679

£500 Bonds
12097 12117

12194 12212

13335 1 2336

12456 12466

12582 12606

12322 12336

12996 13007

13113 13114

13217 13234

13336 13347

134S7 1S4S9

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13859 13867

13999 14008

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14370 14377

14579 14597

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15478 15486

15590 15596

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14016

14090

14312

144(6

14603

14722

14918

15025

15229

15492

15603

15691

15769

15901

16072

16154

162S5

16371

16469

16604

16708

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12230

12350

12524

12621

12898

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13128

13277

13402

13510

13634

13776

13913

14Q25

14107

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14414

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14919

1S045

15230

15511

15609

15692

15613

16948

16080

16161

16257

16383

16501

16612

16720

72147

12237

12363

12525

127S5

12907

73043

13177

13281

13414

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13635

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14032

14113

14329

14438

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13423

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17932

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18316

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18533

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20492

20561

20621

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20945

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21076

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21464

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£100 Bonds

10

20

34

46

62

72

89

96

108

117

126

• 137

148

157

167

179

190

198

212

229

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257

269

278

290

340

350

360

369

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400

410

421

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1581

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10810

10906

11007

11095

11190

11285

11381

11491

11593

11726

11823

8152

8290

8404

8520

8658

8805

S924

9054

9165

9285

9391

9517

9656

9781

9904

10099

10225

10369

10537

10665

10320

10915

17010

1110S

11199

11294

11390

11501

11602

11735

11647

10127 10141
70254 70263
10380 10399
10S56 10S6S
10725 10735
10829- 10839
10925 10934
17020 77029
11115 11123
11210 11218
11305 11314
11399 11409
11571 17620
11612 11636
17746 11757
11857 11867

8200
8322
8434
8574
8704
8838
8958
9088
9195
9318
9432
9549
9687
9822
9951
101 SO
10273
10408
10588
10746
10849
10943
17038
11133
11229
11323
11418
11530
11635
11756
11970

9108

9204

9328

9446

9571

9696

9839

9963

10160

10282

10418

10596

10754

10858

10954

11048

11143

11238

11333

11431

11539

11648

11775

11973

9973

10170

10307

10439

10612

10766

10867

10062

17057

11153

11247

11343

11445

11660-

11785

11989

8239
8361
8470.
8815
8752
8870
9002
9128
9232
9347
9465
- 9600
9740
9865
9985
10183
10320
10467
10626
10782
10877
10971
17067
11162
11257
11351
114S7
11563
11671
11794
11989

On tiie 1st September, 1982, tiiere win become due and payable upon each Bond drawn
for redemption the principal amount thereofr tosethtf with accrued Interest to said date at
the office of:~

5.G. WARBURG & CO. LTD,,

30, Gresham Street London, EC2P 2EB.r
or iddi one of die other paying agents named on the ficmds.

Interest wii! cease to accrue cm the Bonds called for redempHdn on and after
1st September, 1982 and Bonds so presented for payment must have attached all coupons
tnaturins after that date.

£480,000 nominal amount of Bonds will remain outstanding after IstSqjtanber, 1982.

The following Bonds, previously drawi for redemption on Ihe s tu i ffl brfqfr, have
notas yet been presented for payment.

M September. 1973 £100 Bond No: 4391
1st &ptBmber. 1977 £100 Bonds: 4341 5438
1st September. 1973 £100 BomU! 4343 7351
IstSeptomber, 1979 £500 Boncb:l25S3 15513

£100 Bonds; 371 4340 4349

tst September, 1380 £500 Bond No: 16248 • .

£100 Bonds: 1426 4342

M Svcamber, 1981 £500 Bsmte ‘teaeo 14729 14733 17709' wo 83 eieee sfsse

£100BoadR 40 118 381 372 438 621 700 4339 4367 7062 7282 8946

30, Cresham Street; London, EC2P2EB. aidA0BC,igBZ

Temperatures rise in Brixton’s

iiiit

FeS rS; a year after last summefs riots, the ^ont line’ is .

S as aoHi^ thTOugh E crucial phase, writes Lisa Wood

unempItBTnerit among ywmg '-'**&* ir 7

blacks m area has soared

to 78 per cehL liyonbv October of six squatted drifted but actively got worse « W8«

Earlier tins mottihpoKce, who properties m Railton Road, over rhe last y«r d^te the

ha^ adopted a lowi>rofile Uerg a hive of recreational fact that tlbe riots have con- hous^ wU not be ready before,

approach sioce last year's liots, activities — some legal, others centrated the minds of govern- late 1988. k •

warned the new poiice-com- ^( — operate, with young ment. the police and many, other

munity Ifiaason committee flat unemployed youths, mainly concerned agencies.

• m- life&tvie. say the centre wtS not

in the area contiDued.
Twelve policemen

muOLD tKBvn uim unennPlOyell >uuuia. mmiiijr vuuvckiieM -- — -- — —

they would have » take firmer Britishhorn. thronging the ‘ Mr Renee Wehb. director of lifestyle, W tw crarre WTO M

action if the level of lawlessness pavemenis outside. the Melting Pot Foundation, a ?***;

in tile area contiDued. jmnouncina the measures, black charity which aids home- yeawrfd saad. You I

Twelve policemen were include offering the less youths, gave evidence to

injured ifl one week in a series various “social clubs” new Lord Scaiman Md is now a pwabQ^^

of loeidaits in Railton Road, premises away from residential memlber Bnxion s police- and tiiat is when we start to

includkig a serious gang fight areas and giving Railton Road community liaison conmittee. rave. *jUniAt

between Mack youths. a £lm facelift. Mr Pitt said the The attitude of the police bad

Residents in streets backing warning given hy Cmdr Brian changed, he said, but: “We
on to the area f«ined an asso- Fairbairn. in charge of “ L ’ wanted polfdog in a different

, otation in Januairy and went on dostrict, had been heeded. waj-. We did not intend that nearty Tarnia Road, to wroi a^

pent and rates strike in des- “AH of us." he said. “ are the pobce should turn their

perale protest at a eommer- nmcerned ro avoid a massive back on crime. From what I ra‘”

dailly-run club, squattiTig in a police operaiinn if at all pos- bear, the police are saying ^ ^* ^** «^

counoi'l-owned propertj' in tiwir sible. .since this is likely lo Railton Road is a * no-go' area.” perties im me street oe ren^

^reet. which started playing cause serious repercussions. But The council, he said, did have
music at 11 pm and continued equally we are al] agreed that gcme responsibility, but it was

until 7 am. the situation in tins part o „ot simplTa matter of demolish- Jtomotive faa!«a« for youths

On Friday, Mr Robin Pitt, Inner London cannot be allowed ing houses. “Hundreds of ^ont-iine.

Lambeth coancli’s new Tory to drift on in tias way.' people 141 Railton Road, of Lambaoi’s police .®T.'

lead.er, announced a package of According to some people in whom only a minorlly I believe emphatic tiiat Railton R^d is

measures, including the denfw- Brhcton. problems have not just break Jaws, are not working and not a “ zK^go ” area. Police

■ — . ^ ‘ ~ have nbi^ere else to go. vmb are, in lact, frequently

Housing, for example, is a seen there and arrests .are
serious prohleoL" made. But as one beat officer

INSUKANwb An Afro-Caribbean Centre is said: “I wouldii't walk up

planned adjacent to a new hous- there ^one. You cottid be
T«v • • ^ 1 TT.„. ..v-,,.* ing estate under construction in knifed.''

I vPPI^lTl'Tl Tn II4IV6 l^nWClcIl ReLkon Road’s long, blighted. Middle-aged, Unemployed

J^CCJ31VrU tv HO. TV AJ.V 7F UV-Ak northern end. The impetus for West ladton-bora WackSi pO^y-

_ • • w . the £lm centre, funded ttirou^ tz^ dominoes and eating tbeir

Olirllir C11T*H1*1CAG ¥nQ1*i^PT the Inner City Partnership, supper in an up.tiaiis room of

AU.LU'L kSLU. J^l. AkjCS' came from Brixton's older one of the houses to be

INSURANCE

I Decision to have Howden
audit surprises market

BY >QHN MOOR& CITY CORRE5POND6NT

THE azmouncement last week by Uoyd's qmdicates managed
by Alexander & Alexander by Alexander Howden Under-
Services Inc, the U.S. insurance writing was placed with the
broking giant, that if is mount- syndicate by Howden brolcmg ,
ing an extensive audit into the compandes. Howden broking I

said teET '

move'if pRii)tt:fieiteDes irere ^
IKXurided.' But one added:

’* rm aot gbiDg to s^ mnokre:; -

- csntiBbb.’?- ---inte . ' 3T^^
fatha' ‘Jnst ldB -douiwl

■ j(ib last year «l^ real to *

t»iscm foe., pbarereioa of the .
dni^

When MM-' -biiildoKeiw ax^.
ready to in ttiase no'
wSiiM to -jwve, .trim ma}''.'
mdiKte drug do not '

wairf te h^^tiieir ^ver, will:;,
be sezv8d'witix‘edotio& orden.
Spiffs zn^ l»ve to have ttie .
suivcrf of fte ppl^.'-

Witii -expe^thms gnntring,
(!be cFudal fachn- is tfaet ttitiy '
si« inet It not sqtmvttng.reo^ .
increase in.-a- borough with over
14100 engi^^^DUiKii-owbed pro-
perties. A new hooi^eathiig .
scheme ts ' under . urgent oon-
»deratioa and may be extended ; *
to the. 400-odd .’'ficensed*'
squattezs.

Mr Jeremy Brwo, l^mbetii's '
riuew town {tiaaner. said tize
next months were cnwlaJ.. '
In the Km^tezin there are plaiis
for a new eoinmercial . and
'hourizzg development near the-
Miopplng centre. Fresh dii- ,
orders could frighten away
investors and new jobs.

There is 00 consent of .
opinion. Neither the former
Labouf council, the pi^ent
Tory administration or the
potice-coinziHmity iiaisiKi com-
ffiiifee hive a magic wand. But
at least they say they ere
together trying to find a eom-
promise.

BUSINESSMAN’S DIARY

UK TRADE FAIRS AND EXHIBITIONS

L-J ' , . , ^ 7

acmiinting practices and busi- companies al&o dealt with 40
nesses of AJexander Howden P^r cent of the remsuraiTCe
Group prior to Us takeover of business pl-aced by Lizards
Howden eartier this year, syndicates managed by Ak
startled the London and U.S. auder Howden Uoderwntvng.

Date Title

Aug. 8-12 Inteznatlonal Gifts Fair (01-8S5 9201)

Aug. 12-15 Wine and Beer Festival (01-778 12S6) — ..

Venue '

Olympia.

Met Exbn Hall, Brighton

man»BHd hv Aifoc- J Aug. 2^30 MotoT Cycle Show (01-3S5 1200) Earls Court

SepL 5-8 International ^r^are Tndm (M-64S 8040} Wympia

Howden reckoned

startled the London and U.S. auaer nowuen unaHrwrrong. 5_j2 International Air Show (01-839 3231) Pamborough

insurance markets. Howden reckoned in esti- 7.IO l4d>el. Labelling, Marking and Identification

The audit has been in pro- mates given to parliament that Industry Eidiibitioii— LABELES (01-467 7788) NEC, Binnlsgham

gress for only the last two or at the end of the third year of SepL 7-10 International Carpet Fair (021-706 6707) Hanngate

three weeks and so far Aiex- the Lloyd’s 1S79 underwriting $epc 12-16 Intematiozial Woodwozidng Industries Exhibition

ander & Alexander cannot yet account, which closed last — IWIE (01-486 1951 ) NEC. Bimiingham

determine “w4>at adjustments December, its main marine Sept 12-15 MAB International Menswear Fair (072? 63213) ... Earls Court

mav be needed in tiie net assets underwriting syndicate, number SepL 14-16 Coil Wiuding Internationa] *82 (0202 891339) WemUey Conference Centre

°'^;re“anno,AJ«aader ScarWogh

present that there wiH be any Howden would have pUced sept 26-28 British Footwear F^r (01-^9 2071) Olympia

The audit has been in pro- mates given to parliament that
gress for only the last two or at the end of the third year of
three weeks and so far Aiex- the Lloyd’s 1979 underwriting
ander & Alexander cannot yet account, which closed last |
de>termine “w4>at adjustments December, its main marine
mav be needed in the net assets underwriting syndicate, number
acquired *' in hs £150m take- 127, would have reinsured £23m
over of Howden. The manage- of its business.

believe

The broking arm of Alexander

present that there will be any Howden would have placed

sigt>ific3r»t effect on the busi- £i3m of the reinsurance busi- Sept 26-29 Fashion Shoes Exhibition (0462 50383) Kenstogton aose Hotel

nesses of either group.

ness. Some £9ni of that figure | Sept 27-29 Construction Industiy International Ez^bition and

Alexazider A Alexander, the was expected to go to insur-
world's second largest Insur- ance companies which Howden Sept 27-Oct 1
ance broker, aiid Alexander owned.

Howden are veiy different com- fhe group's UK companies. Sept 28-Oct 1

(inference (01-242 3771) Imperial CoHege. London

Furnaces, Refractories. Heat Treatment and Fuel

Economy Exhibition (0737 68611) NEC, Birmingham

London Business Show (01-647 1001) Barbican

OVERS:^ TRADE FAIRS AND EXHIBITIONS

S* busine« as well as other cuzrent Hamburg Trade Days (0202 732648) (until Aug 3) Hambm^

Howden s companies over- Aug 11-15 Interzwtional Trade Fair for Hotels. Restaurants ^

(he market that under- seas.

writes insurance business;

International Trade Fair for H otels, Restaurants.

Catering and Food— HOTELRBS (01-681 7688) Bangkok

In ^s way Howden can earn I Aug: 18-21 ......... Bnsmess Equipment and Computer igghthi Hon —

UKJbased Alexander Howden commissions on the placing of C05IBEX 10483 380S5) Htmg Rons

Is essentdaHy a wholesale broker the primary risk, a commission Aug. 19-21 lutemational Electronic Packaging and Pro^ction

with extensive underwriting on the placing of the leinsur- Equipment ExhlbitiaQ— INTERNEPCON (04S3

Interests. Howden. with more ance, and further conunissions 38065) Sfogapme

than 200 subsidiaries, provides when It arranges other reinsur- IntematioDal Men’s Wear and Intemadona] Jemis

a range of reSnsurance broking ance protection for Its own com- (01-730 4645) Cofogne

and underwriting services to panics which have accepted 1 ... International Aut^ Frankfurt

i other insuzws. as well as reinsurance business. Aug. 3^1 FashiM Samples Fmi^OTrERCBtlC (M-749 SOW) Berlin

Instiranpc brokina services. Howden failed in its efforts S^epL 2 ... fodro-Perfumey EAibition (U;4S6 1^1) -j^—r Utrecht

Howden has extensive tntei- in parliament to stop the man- Clothing Show (Pans ^ .

Sept 6-11

through a number of approyeci holding links with Llovds ami F«eK-in«i RrhaMj^nn znoi.vni; tmiv'k

tKX management ciom- Sept 11-16 Internationjd^blic Works Congress and Egzi^

TTirou^ Hs^ t^olly^wn^ pames. ment Show ’82 (01-637 2400)T _...^ Houston

gdi^'. Alexgjider Hoyden As the new Lfoyti’s legisla- Sept 14-18 lzFterz»atioiial Eaeotifoai Techoodi^

Underwrrttag. Ho wden a<fe as turn passed on to the statute FINNTECH (01-486 1951) Hetelnki

oofli a members ageiiL ^ books last month, Howden faced Sept 14-19 Internationa] Eshibitiion for Auto, Motor Cw Woric-

ouemg m^nbeins to Uoyd s,_ auo new problems. Other under- shop Service Station atzid Garage Equifomezit

icmg m^noens to ictoyo s, ano now problems. Other under- shop Service Station azid Garage Equiknnezit

a maiwglits agent organi^g writing agents began to with- (01-734 0543) Franldbrt

and managgng msurance under- dra» Uotyti’s members away Sept 14-22 Intenuitioiial Autzums Fair (01-^ IKl) Zagreb

writing syndicates in the from the Howden syndicates. 18-21 ' International Sports Equipment and Leisure Goods

Lloyd’.s market. They feared that the group's Exhtbitroo— SPOREX— ASIA (01-681 7688) ... Singapore

The Lloyd’s agency acttvilttes $tar underwriter, Mr Ian Post- 21-23 ' International. Exhibition and Conference for the

TilTibuted about 20 per cent gate, would stop underwriting Pharmaceutical. Cosmetics. Toiletry and >^Ued

pze-i3.x profits between 1978 for the main Howden svndicatM Industries— INTERPHEX (921 384 3384) New Yoric

writing syndicates in
Llosrd'.s ma^et.

coiUTibuted about 20 per cent gate, would stop underwriting
of pre-i3.x profits between 1978 for the main Howden syndicates

and 1980. In 1980, Howden's and concentrate on devel-oping
totai pre-tax profits were £2^. his own ind^eodezit agency.

Howden . owns controlling
interest in nine IzBiuwnce com-
panies — ^three in the UK, one in

BUSINESS AND MANAGEMENT CONFERENCES

syndiSte*^fl7. ^^rris^r^syn^ Managemem Traini^ Consultants: *Itechtiiqoes of

dieate. 126, was curbed because

supervisory and mauagement training for
trainers (0533 27062) Leicester

maimging uaderwriting

mium which could be accepted,
under Lloyd’s limdts, looked like

agents for 11 tnsuranee com- being exceeded in the currezrt
panies. induding three of its year.

own. according to the Alexander Mr Kenneth Grab, diairraan
and Alexander offer documents, of Alevander Howden Group,
An indlcaitioa of the way in decided on mid-July to resigii
which Howd«i's operations axe from the Alexander and
suiH>orted b y trac ing between Adexander main board, altbough
-Its Own subsktiariee emerged he still remains noitexecutive
last year as the group took steps <|hainiian of the Howden
to block efforts b.v Parliamezit empare until the end of the
and LI()yd's to force bnrtceie to year.

sell off their sharehol^iig links
with Lloyd's underwriting
managemenit compaines.

Mr Grtib joined the U.S.
group’s board in March and last

2481) ....i Noiway;

Aug. SO-SepL 1 . Management Centre Europe: Developing ht ^ per- -

formance teams (02 219 03 90) Brussels-

Aug. 31-Sept 2 „ fT Conference: Aerospace entera a new era

(01-621 1365) GrosvmKW Hous^ ItfZ

Sept 1 John Ottensooser: . Tax planiting — New

Opportunities for the Professions (01-499 8281) Savoy Hotel, WC2
Sept. fiS ............ Frost and SulUvazi: Data communications:

advanced concepts and 9Stezns (01-486 8377)' Mbont Rqyal Hotel, T^wnipa

Sept 7-10 Industrial Relations Services: Law for personnel

' industrial reiations and woiics managera

_ (01-^ 475 1) ; Royal Hwseguards Hotel, Lda

Sept 7 Gmitre for Extension Studies: Contingency plan-

ning for bomb, arson and Itidnapphig Ihreits .

...... « I^ghborough_ _

week_^ander and Alexander \.Vi' Carlton Hotel, SWI

D^ 1980 abTut 8 per cent deTrib^lS rati^atiorr^^^ pepL 9-14

of the premium underwritten “ surprise.

BASE LENDING RATES

A.BJT. Bank 12 % Grindlays Bank tlll%

Allied Irish Bank 12 % ■ Guinness Mahon. 12 %

Amro Bank 12 % ■ Hambros Bank 12 %

Henry Aotiiacher 12 % Hargreave Secs. Ltd. ... 11)%

Arbuthnot Latham ... 12 % Heritable & Geo. Titist 12 %

Associates Cap. Corp. 12 % MHill Samuel S12 %

Banco de Bilbao 12 % C. Hoare & Co jl2 %

BG(n 12 % Hon^ebzte & Shagal 11 j%

Bank Hapoalim BM ... 12 % Kingsnoito Tnist Ltd. 13 %

Bank of Ireland 12 % Knowsley A Co. Ltd. ... 121%

Bank Leumi (UK) pic 12 % Uoyds Bank lli%

Bank of Cyprus 13 % MaUinhall Llzaited ... 12 %

Bank Street See. Ltil. 13 % Edward Manson & Co. 13 %

Bank of NB.W 12 % - Midland Bank 11}%

Banque Beige ... 12'% ■ Samuel Montagu lli%

Banque. du Rhone ... 13}% *■ Morgan GrenfeU 112%

Barclays Bank 112% National Westminster 112%

„ „ ter the Fum (061-834 8457) Palace Hotel. Lucenie

Sept 13-15 Concrete Society: Internatiomd symposium on con-
crete roads (01-235 6661) Thra HoteS W8

Sept 13-14 ......... Frost and SirHivaa: Understanding and uriw CAD/

_ - ,«,B -E-,, ”i; Moturt RoyaJ Hotei, 'Wl

Sept 13-15 FT Conference: World Financial Futures (01-621

.. __ ••••: Loodon Press Ceotre EC4

Sept 15 IPS: CmTenaeo—Acqiormg the Know-How (0990

Dragonara Hotel. Brirtcd

A«90R5 imAing to ottend af fte above eoenta i$ odttireti fo telephone Uie organisers lo
enattre that there has been no change in the details ptAUOieds

Financial Times Conferences

Beneficial Trust -Ltd. 13 %
Bremar Holdings Ltd. 13 %
BriL Bank of Mid. East 112%

■ Brown Shipley 12 %

Canada Permt Trust.. 122%'
Castle Gburt Trust Ltd. 12 %
CavendiA.GtrT'sCLtd; 13' %

Cayzer -Ltd. 12 %

Cedar Holdings 12 %

i(%arterbbnse JapbeL.J_l2 %

(Sioulartons 13 %

Citibank Savings fl2 %

Clydesdale Bank 12 %

C E. Coatea 13 %

Comm. Bk. of N. East 12 %

Consolidated Credits... 112%

Co-operatzte Bank *12 %

Corinthian Secs. 112%

Norwich General TFust 12 %

P. S. Refson & Co 12 %

Rorizurghe Guarantee 122%

Siavenburg's Bank 12 %

St^dard Chartered ...[1112%

Trade Dev. Bank 13 %

Trustee Savings Bank 112%

TCB 12 %

United Bank of Kuwait 112%
Volkskas Inti. Ltd. ... 12 %
Whiteaway Laidlaw ... 122%
Williams frGlyn’s...:.. 114%
Wlntrust Sees. Ltd. ... 112%
Yorkshire Bank 112%

f Members ol itis Accepting Heusee
CommitTee. .

Co-operative Bank *12 % * l-dajr deposits S%. 1 month 9.a%.

Corinthian Secs. 112% short term £8.000/12 manm 11.6%.

The Cyprus Popular Bk. 12 % t 7-dar deposits on sums ot; under

Dunean Lawrie- 12 % £10^000 s%. £10.000 up to

Eagil Trust 111% ESO.OOO and oAr

V >n TriMf ^ iO>f%.

Ex^ Trurt-'Ud'V.V.V. 13 % * &!1- "«*

First NaL Fin. Corp.... 142% t -

Fi«t Nat. S«s. Mi... w % 1 SiS'JiSSB'ai.'’-""
Robert Fraser 13 % 1 Mortgage bass rats.

AEROSPACE ENTERS A NEW ERA
Angost 3lj September 1 df 2

WORLD FINANCIAL FUTURES >

September 13, 14 & 15 ' 'si,

UNIT TRUSTS— THE WAT AHEAD

October 13 ... .

WORLD TELEXXMMUNTCA'nONS '

October 14 & 15 '

ELJROPEAN BANKING FORUM
October 18 & 19

^wmbe? S-dS^^ arranged with the Cliy Uoiversity ir«n

f “ designed to provide a broad understanding of all aspecu of the

the factors that have have made it a pre^ninent financial aM mding

■ •- '
■ ‘i.1

.411 enqutHes tiiouid be oddrere^ to;
The Fmancial Times limbed •
Conference Organisation
Minster Hoose, Aitbnr Street
London EC4R 9AX

Tel: 01-621 1355
Tele*: 27347 FTCONF G
Cables: FINCONF LONDON

Financial Times Monday August 2 1982

UK NEWS - LABOUR

Issues before TUC may create
miMtant posture by unions

BY ;OHN UOYD, LABOUR EDITOR

THE TUC Coasress early oesct
month will be marked by a
series of debates of fundamental
importance to the trade union
movement.

The preliminary agenda for
the 114th congress, to be held
at Brighton, includes motions
calling for:

# A withdrawal of the TUC
from the National Eksonomic
Development Council, coupled
with an examination of the v^ue
tn the uniioas of other tri<parUle
bodies.

# The OTertuming of proposals
to restructure the TUC General
Council, which would allow for
automatic selection on the basis
of numerical strength of unions,
in favour of a revamping of
the present system of election
by trade group.

# Continued opposition to in-
comes policy imposed by any
government.

These motions are likely to
form the central and potentiaily
most divisive debates at con-
gress and will delermine the
TUC's position vis a vis this
Government and future ones.

If left wingers manage to
withdraw the TUC from the
NEDC, scrap the "automaticity"
proposals and underscore oppo-
sition to incomes policy— as they

weli might— coQgress will form-
aily adopt its most militant
oppositionist posture to the
Government than at any time
since World War 11.

Opposition to an incomes
policy and support for free col-
lective bargaining expressed in
a motion from the construction
section of the Amalgamated
Union of Engineering Workers
is likely to be expressed in de-
bate on the TUC-Labour Party
liaison committee's dociiznent
on Plazming and Industria] De-
mocracy.

Some view the documen'. as
containing, in its plan foi' a
national economic assessment, a
covert curb on wages.

The issue of public sector pay
and of co-ordinated action in
the public sector arises in a
motion from the Society of Civil
and Public Servants. The
society rejects cash limits, wel-
comes the closer working be-
tween unions, especially the
health unions and calls for a
common basis of claim for
public service workers " as well
as “co-ordinated industrial
action in support of a common
claim."

The General and Municipai
Workers' Union is calling for a
further review of trade union

Union to fight banks’ move
on abandoning arbitration

and TUC finances " with a view
IQ maximising our limited
resources." and the Transport
and Genera] Workers' Union is
demajiding a state pension of
not less than h^f the gross
m^e oarnings for a single
person.

An echo of l!be Falklands
conflict is heard In a motion
from the Funiiture Trades'
Union, which says that *'it is
Immoral and indefensible . . .
for a single life to be lost in
any senseless military cam-
paign " and calls for aU issues
to be settled through the
United Nations.

The Electrical and Plumbing
Trades' Union seeks to reverse
congress policy laid down last
year to withdraw from Europe
by urging consultation with
" trade union colleagues in
Europe before any final decision
is made."

One of the most hotly con-
(ested groups in elecciozis for
the general council is that for
the five women's seats, for
which 12 candidates are stand-
ing.

Long-time challengers for the
council will again include Mr
Roy Grantham, general secre-
tar\' of the white-collar union
APEX; Mr Bryan Stanley,
genera] secretary of the Post
Olficp Engiineering Union; and
Mr John Lyons, general secre- j
tary of the Engineers and I
Managers' Association. I

BY JOHN LLOYD

THE MAIN banking union is
squaring up for a fight with
Britain's two leading interna-
tional banks over the rl^t to
refer a dispute on wages and
conditions to arbitration.

Barclays Bank International
and Standard Chartered have
both given fonnnl notice to the
Banking Insurance and Finance
Union that they intend to vrith-
draw from an .igrecment which
gives either .side unilateral
access to arbitration by the end
of the year.

I'hp union, which has 4.a00
of BBT's 7.000 staff and 1.400
of Standard’s 2.600 staff, is to
fight the move and is prepared
to take industrial action if
necessary.

Standard'.s notice period ex-
pires in October and Barclays’
in December.

Mr Steve Gamble, the union’s
assistant secretary, said yester-
day that it it allowed the.se
two agreements to 'oe termina-
ted the 33 other similar agree-

ments in international hanks
would be at risk.

“ In the current climate,
union bashing may be a popu-
lar sport but' these banks' pro-
posals have turned our mem-
bers into militant moderates
“ I cannot believe that their
cu.stemers and shareholders
would approve of the manage-
ments looking for confror.ration
with The union which will affect
their business and profits."

BarclavR .^aid last night ihor
its intention to erd the agree-
ment wns based on iir siritecy
of forging closer links he*wo-en
BBT and The domestic Barclays
Bank, where a slmJIar procedure
agreemeni is not in force.

With greater interchsnae-
afbility between the two sec-
tions for staflf, the apreemen!
w*a? no longer appropriate.

Mr Gamble said bath banks
wished to end the a?reeraent.s
because they felt they had lost
out in arbitrations in recent
years.

LEGAL NOTICES

NOTICE OP MEETINO OP CREOITOAS

8. WHEATLEY (TEXTOCSI LiMiTH)

NOTICE IS H&RE6Y GIVEN, pursuint la
Seeilon 393 el the Companlea A<t, 19<>8
that i maaring al the Cradiiare ol tha
above-nemed Company will be held ai
16 a St. James's SireeL Lopdee SW1A
1ER, on Tuesday, the Tenth day et
Augusi 1983. at 2 o'clock in the altar*
noon, for tha purpose ol having a lull
atatement of the position ol me Com-
peny’e affairs, together with a List of
th« Creditors of the Company and the
astimeted amount of their claims, laid
before them, and for the puroose. rf
thought fit. of nominating a Lguidator
and of appointing a Comrnitzae of
Inspection.

NOTICE is also given that, for the
pureose ol voting. Secured Crediton
must lurtlesa they surrender their
secumv), lodge at the Registered Office
ol the Company at 109 Gloucester Place.
London W1H 3PH. bslpre the Meetino
a Statement niving paniculers of their
security, the date when it was given,
onrl value at which it is assessed.

Dated this 28th dav of July 1983.
By Order of the Board of Directors,
s. n. WHEATLEY.

Direetor.

IN THE MATTER OP
WeSTLQVl PRO(%f»TfP.‘9 UMfTEO
AND IN -rHE MATTER OP
THE COMPANIES ACT 19^.

IN THE MATTER OP
GATCELL LIMITED
AND IN THE MATTER OF
THE COMPANIES ACT 1948.

NOTICE IS HEREBY GIVEN, pursuant
to Section 293 of the CompeiHes Act,
1948. that a Meeting ot the Creditors
of the above-nemed Company will be
held at The Cora Hotel. Upper Woboum
Place London WC1 on Wednesday, the
18th day el Augusi 1962. at 10 o'doek
in the forenoon, lor the purposes men-
tioned in Sections 293, 294 and 295

of the said Act.

Dated this 2Bth dav of July. 1982.

By Order of the Board.

C. JONES. Secretary.

tN THE MATTER OP
CITTEHOME U MITED
AND IN THE MATTER OP
THE COMPANIES ACT 1948.

NOTICE IS HEREBY GIVEN, pursuant
to Section 293 of the Companies Act.
1948, that a Mooting of the Creditors ol
the above-named Company will be held
at 2nd Floor, Eaqie Star House, 28-36
Carver Street. Sheffield. SI 4FS on
Monday, the 2nd day ol August 1962.
at 10.30 o'clock in the lorenoon, lor
the purposes mentioned in Sections
293. 294 end 295 ol tho said Act.

Dated this 9th day ot July, 1382.

By Order r>( the Board.

M. BRIERLEY. Secretary.

NOTICE IS HEREBY CiVSN. pitrsiiani
to Sar.iiort 293 ol t'‘C Companies Act.
1948 ihai a Meeting of tho Creditors
of tho above-named Company will be
held at Tho Cora Hotel. Upper
Woburn Place. London VJC1 on Wed-
nesday. the 18ih day of Avgust 1962.
at 10.15 o'ctoch >n the forenoon, for
the o'irposes mentioned in Sections
293. 294 and 295 of the said Act.

Dated this 26th day of July. 1962.

By Order of the Board.

C. JONES. Sccreury-

IN THE MATTER OF
PIMLEY MEASURES UMfTED '
AND IN THE MATTER OF
THE COMPANIES ACT 1948.

NOTICE IS HEREBY GIVEN, pursuant
To Section 293 of the Comoamos Acc
1948. that a Meeting ol tha Craditors
ol itie above-named Company will be
held at The Core Hotel. Upoer Woburn
Pleca, London VJC1 on V/edresday, tho
18th day of August 1983, at 3.30
o'clock in the aliernoon, for il:o pur-
poses moniioncd in Sectione 293.
and 295 of the said Act.

Dated this 36th day ol July. 1962.

By Order ol the Board.

B. M. HUSENFUS. Secretary.

IN THE MATTER OF
ALAN J. PETERS ORCHESTRAS
UMITED

AND IN THE MATTER OF
THE COMPANIES ACT 1948.

NOTICE IS HEREBY GIVEN, pursuant
to Section 293 of the Companies Act.
1948. that e Meeting ol iho Creditors
of the above-named Company will be
held at The Core Hotel, Upper Woboum
Place. London VJC1 on VJednosday.
the 18th day ol August 1982, at 1009
o'clock In the lorenoon, for the pur-
poses mentioned itt Sections 293, 294
end 295 o( tha said Act.

Dated this 26lh day of July. 1982.

By Order ol the Board.

C. JONES, Secretary.

CLUBS

EVE has outlived tfre others because ot a
ROltcv of fair Play and value for money.
Supptu trem 10-3.30 am. Disco and top
mustelans. ulamorous besicssos. exciting
ioprshows. 109, Reoent St. 01-73* 0557.

THE GASLIGHT OP ST. JAMES'S, London's
most excIHng businessmai's night club.
No membarshiD necfleil. 2 Bars, dozens or
danceable companions. Intriguing Ca oarer
Acw. Happy hour 8-9 um. It reouircd.
sunerb tfirce-caorse dinner, only £9.75.
PIUS service and tax. Entrance fee £5.75
tfiS rirtunded co diners arderlnq bolorn
9 pm), Oppn Me*i,-Prl, 8 pm-2 am,
Sal 9 pm-2 am. a Duke o* York Street.
SWI. Tel; 01-930 tO48.'49S0.

CLASSIFIED ADVERTISEMENT RATES

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Commercial and Jodastrial Property

S.OO

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6.00

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8.50

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Business, Investment Opportunities

8.50

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Businesses for Sale/Wanted

&50

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Personal

6.00

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net 12.00

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£6.00 per single column cm extra

For jurther details write to:

Classified Advertisement Manager
Ilnancial Times, 10 Cannon Street, EC4P 4BY

Engineering
pay talks
look tough

By John Lloyd

ENGINEERING employers
will take Che tongh line on
pay which was ursed last
week by the CSI when nego-
tiations on national TnintsnMm
rates for nearly 2m engineer-
ing workers start in the
antamn.

The Confederation of Shl|H
building and Engineering
Workers will finalise its wage
claim at an ezeentive meeting
later this week. The claim
will b e b ased on a vote at
the CSElTs conference last
month for a “ snhstaatial
rise." A figure of 10 per eent
was mentioned by Mr Terry
Duffy, president of the Amal-
gamated Union of Engineering
Workers.

The Engineering Employers
Federation, however, will tell
the anions that prospects in
the Industry remain de-
pressed. as year. Low pay
settlements are reqnired if
the slight nptnni in prodne-
tivity and hoped-for new
orders arc not to be dissi-
pated.

The federation Is conCiim-
ing to press the Goveniment
for employment legislation
embo4>'ing a lay-off claase.
This would allow employers to
terminate contracts aith one
week's notice if prohibited
from cooUnning prodnetJon by
industrial action elsewhere.

BRITISH BAniKING
& FINANCE

THE BANKER wil! be publishing an in-depth survey on
^Banking in the UK — Opportunities for Expansion' in its
October 1972 issue.

Articles will cover Retail, Corpdi^te;:' Wholesale :and Intpr-;
national Banking in the UK as well as banking in
and the UK's Offshore Islands.

To obtain a copy of the full . editorial synopsis and advertising
rates please contact;

Robert Piper
The Banker
Minster House
Arthur Street
London EC4R 9AX

Telephone 01-623 1211

telex 8814734

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Just a Utde mote notice.

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FARTOFTHEy^BKY^W10NAL/VOS ‘

THE WEEK IN THE COURTS

Protection for Sikhs and others

TELEVISION

LONDOr^J

NOBODY has ever suggested
that the turban is a symbol of
stubborn resistance to en*
lightcnment or a symptom of
incurable mental backwardness.
Yet educationalists may wonder
to what extent in this country
&e wearing of a turban Is an
' ihsuperable obstacle to the
attainment of such qualities of
Character. knowledge and
tinderslanding as a good school
is intended to encourage and
promote.

In 1978. the headmaster of
a school in Birmingham rejected
a prospective pupil who would
have broken a school rule about
uniform Iqr wearing a turban.
The headmaster wanted the
boy's hair to be cut and turban
removed; he felt that a turban
accentuated religious and social
distinctions which he wished to
Uiinbnise. The boy’s father
would not consent. Father and
son were Sikhs: the cutting of
hair and the removal of the
turban would each have contra-
vened requirements of the Sikh
community’s religion.

Father, who was a solicitor,
and son, with the assistance of
the Commission for Racial
Equality, brought proceedings
against the headmaster and the
proprietors of the school for a
declaration that the headmaster
and the school were guilty of
unlawful discriminatioii, con-
hrary to the Race Relations Act,
1976. On December 1980,
a circnit judge, at the cotmty
court, dismissed the claim. Last
Thursday, in MamUa v Dowell’
Lee, the Court of Appeal up-
held the judge's decision and
vindicated the headmaster.

Lord Denning said that the
headmaster had not discrimi-
nated against the Sikhs, was not
unfair or unreasonable, and had
not been at fault in any way.

Not only Lord Denning, but
his colleagues. Lord Justice
Oliver and Lord Justice Kerr,
ruled that members of the ^kh
comxaamt>' were in any event
not entity to any legal protec*

RACING

BY DOMINK WIGAN

THE LONG, dry ^11 of the last
couple of weefe or so in some
areas is now causing a severe
shortage of runners at fiat and
jumping meeting alike, and
despite watering, which could
soon be restricted by water
authoriities. a good many courses
are bound to sufihr.

Tlus afternoon’s principal
meeting, Ripon. sees just five
lining up for the valuable Horn
Blower Stakes; w'hlle only six
of the 22 in the Tommy SSi^den

tion under, or from, the provi-
sions of the 1976 Act.

Taking its title to be a re-
liable guide, one might believe
Che Act was intended “ to make
fresh provision with respect to
discrimination on racial
grounds and relations between
people of different racial
groups."

'nie expression " racial
grounds " is defined in Section
3 of tbe Act as meaning, unless
the conte.vt otherwise requires,
“ any of the following grounds,
namely colour, race, nailonality
or ettmic or national origins.”
The expression “ racial group ’’
is defined in the same section of
the Act as meaning, isiless the
context otherwise requires, “ a
group of persons defined by re-
ference to colour. race,
nationality or ethnic or national
origins."

The word “ ethnic” is not de-
fined in the Act but is derived
from a das-sicai Greek word
with a wider meaning than
" paciaL” Homer used it to des-
cribe a number of people living
together, a contnany or body of
men and. on occasions, a herd,
swarm or flock of animals. Clas-
sical Greek authors used it Vter
to describe tribes or nations.
Tbe word ” ethnarch ” came to
be used to describe a ruler of a
tribe or nation.

Lord Denning’s decision to
treat the word ” ethnic ” as
entirely synonymous with
” racial ” offends not only
against etymology, but also
treats the definition section of
the 1976 Act as an exercise in
tautology.

Having attributed the res-
tricted meaning to the word
*' ethnic." all ju^es responsible
for decisions in this case,
whether at the county court or
in the Court of Appeal ruled,
on the evidence produced in the
proceedings, that Sikhs were
members not of a race but
merely of a reUgion.

B^y ■ years ago. a dis-
tinguished divisional judge in

Ch^lenge Trophy before the
fins] declaration stage have
stood tiieir ground.

That good - loddng The
Uinstrel fiBy. Shicklah, whose
whose liinitaitions were exposed
in the Queen Mary Stakes at
R(^ Ascot, was a major die*
anMintment in the Cherry
Hinton Stakes last time oat. and
although it would he good to
see her land the Born Blower
Stakes for her enthusiastic
owner Hamdas AJ-Maktoum, 1
doubt her oUigjng.

A better bet for this £5.000
event over the ndnimtim tiip
is probably the ever-improving
Jonacris. Since going down to
Escapt Bay in a muddbng race
for Beverley’s Tarmac Topnrix

the Punjab, an area noted for
Sikhs and sikbism, thought
otherwise. He gave two lectures
to the United Service Institu-
tion of India, on The Sikh Re-
tigion and its Advantages to the
State and ’’How tbe Sikhs Be-
came a Militant Race.” He wrote
articles on Sikhs and sikhism
for the Encyclopaedia Britan-
nica. Was he so dose to reali-
ties as to be out of touch with
reality ?

In more recent times, Dr
Percivai Spear, a specialist in
Tnriian hlstoiy, has .vultten that
the Sikhs ” transmuted from
religious quietism to militant
gospelling to achieve statehood
anrt something like nationhood.”
What more does a community
have to do to achieve the status
of protection under the 1976
Act?

People used to debate whether
racial discrimination. Like porno-
graphy, was an apinropriate area
for the intervention of tbe law.
Nobody advocates abolition of
the law murder because the
instinct to kill will never be ex-
tinguished, or tbe law of theft
because somebody in a fit of
greed will always want to get
something for nothing, or the
law of rape because sexual
urges will continue to remain
uncontrollable. The arguments
for abolition of all stacutcuy or
legal bans on racial discrimina-
tion have a similar flavour.
Opponents of this form of legis-
lation should look carefully at
Hitler’s Germany or Verwoerd’s
South Africa. If. as ham>eoed
in tiiose countries, legislation
could be enacted in furtherance
of racial discrimination, why
carmot. and should not, legisla-
tion be passed in this' country
for the opposite— and the
worthier — purpose?

In that event, does not the
Sikh communis deserve legal
protection ■- against onjust dis-
crimination as mnch as any
other community in our multi-
racial society? So long as the

Stakes bade in June, Jonacris
has gone from strength to
strenglh. The comfortable
winner of a nursery at Leicester
soon afterwards, t^ four-times
winner lhen completed a double
when defying 9 st S lb at
Warwidc.

Turning to this afternoon’s
other flaft meeting — ^Folkestone
— where surprisingly, the card
opens and closes with a respeci-
ably-sixed field — ^Love Me Do
looks a good bet to beat 10
opponents in the Wakefield
Fillies Handicap.

hP she had not run very wide
on the home turn at Brighton
last month. Mark Smyl3^s filly
would have beaten Tiger Trap
by a wide margin. As it was

Court of Appeal’s decision Is
regarded as representative of
The law, the Sikh communi^ is
entitled to complain about tiie
law's loopholes and injustices.

It seems inconceivable that
an^ne who has legislated
against racial discrimination
would have wished to exdnde
the ^kh communis from me
benefits and scope of this legi»
latK^

In Lord Denning's firm
opinion, the phrase ” ethnic
origin-” appeared in the 1976
Act so as to ensure protection
against racial discrimioations
for members of the Jewish com-
munity. But no case has yet
come before the Court of .^ipeal
or House of Lords in which this
important issue has been
decided. Nobody need feel
confident that, on its present
text as interpreted in the courts.
Jews are protected, and anti-
semitism outlawed, under the
1976 Act

There is an urgent need for
either a wider interpretation by
the courts of the definition of
“ racial group ” in the 1976
Ac: or for further legislation to
extend the protection and pro-
visions of the Act in dear, on-
mistakable terms to all com-
munities and individuals likely
to be victims of unjust disoim-
inatioD. The problem must not
be shirked.

The Court of Appeal con-
demned the Commission for
Racial Equality for its support
of the proceedings against the
headmaster. Whether or not
this condemnation is justified
it prorides no excuse to repeal
the legislation against racial
discrimination, or for turning
the Commission into a toothless
tiger.

Investigations into social
wrongs should not be conducted
oppressively. This does not
mean that they should not be
conducted at all

Jiistbuan

she did well to hold on from
that iteful opponeat
A total of 33 IMtain's 59
racecourses are to benefit from
the Horse Race Betting Levy
Board’s 1982-83 capita] fund, it
has been announced by Lord
Plummer. .Altogether. £806.430
is to be tnade available as
interest-free loans for a wide
variet>' of projects.

RIPON

3.A0— 4.1on City**

3.30 — Foot For Hnslc

4.00 — JTonacris*

4.30 — Fascadde

5.00— Steel Glow
FOLKESTONE

2.15— Bood wink

4.15- Love Me Do***

6.40-7A3 am Opeo Univerfiily
(Ulira High Frequeucy only).-
9JU) Cbeggers Plays Pop starring
Keith CbegwiD. 9.45 Jackaaory,

10.00 PaddiogtoD. lO.OS-10.30 'W%iy
Don't You . . . ? LOS pm News
After Noon. 1.35-lAO Postman
Pat. 4.18 Regiooa/ News for
England (except London). 4JS0
Piay School. 4.45 Heyyy. It's the
King A5S Newsrotiad. S.65 Ticket
to Ride. 3.35 Tbe Pertsheis.

5.40 News.

6.00 Regional News UagazineSi
€LS5 Best of the West starring

Joel Elggizn.

&SO Comic Roots: Four films
in whirit comic stass dig -
up tbe roots of Ibeir
humour 1; Les Dawson’s

7A5 Doctor ‘Wlio and tbe
Monsters.

8.10 Panorama; EiiperimeDtkig
with Life.

9.00 News.

9.35 laie Monday Film: ” Spy
Story ” starring Michael
Petrovich and Pbalip
Latham.

11.08 Nenvs Headlines.

11.10 BJL in IfuBc; B. ^ R<A>-
inson introduces his late-
ni^ riiow.

ll.tf Tatting the Strain: Series
of programmes in which
Noel Edmonds investi-
gates stress.

All IBA Regions as London
except at the following times:

ANGLIA

S.3S am European FWk TolM. 8^
Tlie Adventures of Nike. 10.1B ine
GeJway Way. 11.10 Nenh Su Sage.
1im Captain Name. 1^ Aneha Newt.
e vt Monday Film Matinee: ” A Walk
in the Spring Rain.’* etarrine Anthony
Quinn and Ingrid Bergman. 6.00 About
Angl'-i- 4-3“ Benton. 000 Mndsr.

10.30 Indoor Bowla. H.15 Thriller.
12.40 am Redeetlbn.

BORDER

6.30 em KlatMy ol the Motor Car.
S.55 Vicky the Viking. 10.1S Untamed
V/orid. 10.40 The Flying Kiwi. 114)0
Sesame Street. 130 pm Border Newa.

9 IK Film: *' Doctor at Saa.*' etarring
Dirk Bogarde and Bngitta Bardot. 5.1S
pnvatB Banjamin. 6.00 Loekaiound
Monday. S.15 Campaign Qillipoli ISIS

6.30 Try tor Tw>. 1030 Thniler. litt)
Border News Summary.

CENTRAL

S ^ am The Galway Way. 10.45
Seyond Weetworld. 1136 Stingray.
TwS pm Central Nawi. 230 Tha
Monday Screen Matinee: “True as a
Turtle." starring John Giegaon. 5.15
Survival. 6JM) Central Nevra. SJ»
Minder. ViM Coniraaie. IIJM Cantral
Newt. ttJS Leu GrenL 12J)6 am
Come dose.

(S) Stereo broadcaat (wheit on vM)

RADIO 1

6,n am Aa Radio 2. IM Mika Raid.

5.00 Simon Batae. TU)0 Stave WrtghL

12.30 pm NewabeeL 12.45 Devn Lae
Tnvrs. 2.00 Anri Btrmett. 4L30 Rater
Rowell. 7JX> S&yi*** Alive. BM David
Jensen. 10.00-12J10 John Peel (S).

RADIO 2

S.OO am Don Durtindea (S). 7.30 Ray
Moore (S). 10.00 Jimmy Young (5).

12.00 Glona Hunniford (S). 2.00 pm Ed-
Stmrr ($). 4.00 Oavid Hamilton (S).
5 AS Howe. Sport. 6.00 John Dunn (S).

8.00 Folk On 2 ($). 9.00 Humphrey

LynaluM with the Best of Jazz (S).
9.55 Sports Desk. 10.00 The Law Ganm.

10.30 Star Sound. 11.00 Brian Matthew
oryaents Round Midnight (aterao from
midnight}. IJO am Encore (S). 2.00-

. Tonight’s Choice

It Is s sign of tike times that Jane, the Daily Mirror
girl who gave me tbe naughtiest mMneats 'of my yoetth, -81100111;
ooiw be the acceptable face (and :bodyj of .xwistalgia, Ai^ how
British that tbe origSpa} modd should be . called'- Gtaiistfibel
Lelghtoa-Porter. BBG-S is a eui e a ting the advmtturee of fhe:.^ri.
who kept the troops’ peckers up daring the War in a.s^es that
runs ui^xtiy “"R haw actois peEfonning against ..dravn bacl^
gpoonds to pree c rv e the spirit of tbe originaL -

Earlier ou the same. ritannel -Paul EddingtiMi x^ds-a P. G.
WodAouse stoty whkdi CBD't' be bad,' .while at 6.50' on. BBC-1 - a
new serxee takes modem comics back to tiieir root&.: Les Dawson
has made his fioitune out of. motbets4n-lw'az^

is described as an “amiable amble* should. gfvie him tiie . rtisnce .
for some mm di^ .

Panonima is taking aDOlher look ait Test Tube. 1110^ aira
tikis-' is followed Iv'a acr e o n adaptatibu of: Len DeighUmC^ Sw.
Stosy. Wiitten when he'. was our .t(9.::Bteraty -tins:.8hoiud

oSer a frisson or twoL '

The A. J. Wentworth series. on IFF g^. espeUed from tiie.
schedule ha fevour of ui hour-long World. Jh'AieCieB -wbi(di ''was
iiMTig kept wraps until the last pos^le mpme^ ..

' Mvmtrr itkiiRm

6j< 6-?A5 am Opeo XAtivendlT.
1OA0-1O.5S Play SfibodL
€.25 Warren Beatty in coover-
setion with lain JcAmstoo.
6.55 Six Ftttyfive SpedriL
7.85 News Summary.

7 JO Welcome to. Wod^iouse.

GRAMPIAN

g.lB M Fkrst .Tkitng. 93S SMome
Street. 102S Morning Mettneo: " Carry
on Cabby." arerrfng Sldnoy JainM.
Hant Jaequot and Kan noth Connor.
1JD pm Nortli Now*. S.1S Survfval.
6J10 Summer at fiix. 6.31 Pre-
Calobrity Angling. SJMS Mindtr. 10J0
Monday Movie: Fragment of Peer.**

starring David Hammings and . Gayle
Hunnicutt.

GRANADA

BJO an Tkm History of tho Meter
Car. 9.50 $Mrt Billy. 10.16 URtemod
World. 10,35 The Flying ICIwI. • TlJkO
Saesma Street. 1,20 pm Gmnatla
Reports. IJO Eaehango Flags Promen
adea. 2.00 About Britain. 2J0 Monday
Mstinae: Alao Gulnnaaa in " The Card.*'
5.16 Tha Two of Ua. 8.00 Privam
Banjamin. SJO Grenada Rapona Nawa.
6J5 Tha Summer Shew. 9JI0 Strengors.
1DJ0 Thniler. 11J0 SupertUr ProRle.

9.S0 am 3-2-1 Conuet. 10.20 Kum
Kum. 10A0 Ciapparbeard. 11.06 Vicky
the Viking — the Winged Metaenger.
11J0 Tha Greateat Thinkan (Pavlov}.
1.20 HTV Nows. 2J0 Monday ktatinaat
" The Iren UaWan." 4.15 Warn or
Brodieia Cartoon. 5.15 Mf Martin.

8.00 HTV Nawa. OJXk Mindar. 1U2B
HTV Nawa. 1U30 Soap. 11J10 PoIIm
S tory.

7A€-Best ot Btiss. /

nwl Daniefe llagle
. fibow,' • . ■ -
9.00

9J0 Country, '

.-lOJlO Tiiixd- Eye^
lOie Neivsni^ ,

. Hrv^ Cyptni/Wa le a ' Aa"MTV West
excopc 11.05^13) am BBHoy*! 'Bird.
12JNM2.10 pm Dacw Mam Tn Dwsd.
42D .On Safari. . 4.4B-6.15.Goglia. 5.00.
y Dydd. ‘6.3U.7JI0 Report Wafaa. 11100
Noaiireftbiau Reo S6f. .12JI0-123O. sir
Tha ,Modieino Man; -

f scom^

10,00 am Taigat tha lmpoaaibla. -10.S
Portrait of a .Villaga. 10.00 Tha Amaz-
ing Yaais of Cinaraa. -11.15 Adventures
ol Parsley. 11.30 Bran In Concert.
.-1 JD-. pm'- Scotdeh -News. -- Z90 Aetioo-
end Adventure; " Soldier 'of Pomino."
6410 So^hd Today.' 8 j 4Q Crinis Doak:
gj» Miadar. 10J0 Un. Call.-

9JS am Saaama Street.. 10.35 Story
Hour. 11 JS' VitUmad WoM .- f 1.S0
European - Folk . Talas.- 1JD pm.TSW
Neiwt - Haodlinas. iLSO pm- " Wild and
Woolly (TV €lav>4)- 4.12 Qua Henay-
bun's Magic Biohdaya. '5.15'Ha{e-'s.
Boomer. BJXKTo^ South Watt. -> 630
Happy Days: OJtf lou Grant. 1032

T8W Lata Nawa. 1036 Pdttacripf.
.1030 Thriller. ..124)0 South Wuat
Waathar. ‘ *

' '030 am 3-2-1 Contact. - 1030 Prfan'da
of My Prianda.' 1038 Tamn. 11.16
TbP Awl World, t135i.arTy tha-lnob.

B.OO You And The Night And Tha
Music (S).

RADIO 3

035 am Waathar- 7.00 Nmn. "735
Morning Concert (S). ,830 Nuwa.

835 Morning Concert (cant.). 930
Nawa. 9.05 This Week’s Cemposan
Bach (S). 1030 BBC Nenbam

Symphony Gichasn-a fS). .1035 Boat '
hoven chamber mutie racital (S)-1138-
John FMd Piano . Concertos (S).

1.00 pm News. 136 Amadous Qumtet
(S). 230 Matinee Muoicalo (S). 238
New Racotde (8). 435 Newt. 530
Mainly for Pieauire (S). 630 Music
for Organ (S). 730 Proms 82 front ths

Royal Jklbett Hett. pairtii: Ba adimraln
(S). 730 A Cloaer -Look (Matthew
Arnold}. 530 Plttm«. pert 2:. Nigsl
Osborne, Sttevtoaky (S).- 930 World
of Paper 3y Luigi .Piraiidello. 930
Prema B2 hem Holy THniiy Church.
•■Brompte n (S). 1035 In Britaio'

(S). 11.1B-11.1B Nawe; :

1^10 4

6.00 em Newt Briefing. 6.10 Farming
Week. 6JS .Shipping {Draeaet 830
Today. 835 The Waek'im 4. ' S3S
Haunting Tales. 837 vyanher: treiml.
930 Nawa. 93S Start ths .Week wMi
IfichBrd Baker (8|. 1030 Mews. 103Z
A SmaiF Country 'Living.'. T03D Dahy.

" 930 ^~^Sppn Billy. 9-50. The
■ WTOMiy- of the.' AftBSSZt. I0A5
Cr^Woria4)C^)0tiC- lUfiUttk
House -'ca- .'the- , Pfuno,-. - - 12-W
' Bay. -12.10 iRn.Rsin-

ITnder 130
' jriud' FT 'Iztdegc.' . 130

'n^es News. LSO Van 4er VafiL
-' '4230'' Hmiday-, Mattpqp:'--Jeaii

• ■ c-atw . Amiigt IJeven and Derrick
de Uuixtey tq-.‘‘aeepii«-Car to
TpiestuT -405 30r Snuggles. 430
.TUuEdotty - AnnUk - - 400 -BcNraD's

445 Watch Ngbt.

' 5.U Diff’cmt Strokes. €.15 Con-
fad in *.?2ke Mweyj*ryi";

' 'KeNre 'iMOth<Rtta
: . iw '-Cuter and .Ootis .Bafcer.- .
Kg^Belpi:- -wisttbil

W -; T «yito r Ge^.;->-

OJSS.'Craissraiids.'' ^

' 7jOO IbB Ktyptou' Factor.. : .

- .7^ Gorobatios StreeL
V ' 8^ .wi^ to Ac^^

■ . .

.^-.■}HM^0 NeiwB. \

' '1000 "^Xhe" atoiri^

- OnUV j^ao-iW - arirt J naw -

' '-Paul BiBtoicm^ .

12J0am Close: -Sit .Dp aaid
. XJsten .wato Lml WllliSi

;.t TwHinotao . . jim gi iliwinfe
to Ufk^ a^ -

'130'' pm';TVS Newre.' 1230'ldondsy
- Ma ti n eer Tha Naked tnidi," atarring

- Pacer -SeUais.- Tarty Thomas' mid Peggy
Mount.- 5,15' .The Adventuma* of Black
Baeety. - .6.00 Coaet.' to Cdaot. . 639

.'Over the- Gaidett WtoH. - 830 Mfmter.

' -1030- Hili -Stmei Siuee. ' 11-39 The Jakz .
-Series: Bbnnts- Scott' add hla Qnartet
. -em joined by ' gueiti ' Gaorgla Paine
shd die Btua- Rwneo,' 1230 Cempeiiy.

Tinre tees;

'^30 'em The Good Word.' 836'Nortfi
' East'Newe. 930- Hands. S3B Gdlfing-
' GreetB. " ' 1030j-Csrteon -TTme.. - 1030
Byoenes, .1130' Saetme ' Street. 1-30
North East' Neiirs and Loekaround.

. Z30 Monday: Metioeo: Tim Hlmpiy of
-' Mr Polly/' . Otar ring John *' MBit' and
-Mn Janfuna.. S.16'Tha.New Fmd and
Barney Show.', '6.00- North East. News
632 Gemblt. '630 'Northern Life. -' 930
-'MMder. ' 1030'Nerth'Eesr Newe.- NhSB
ThrllMr. 72 J» ltVe Bleealr^ ' '

_ YpFtfcSHIRr/

- . '9.30 em’' Sesamo Sneat. W.30 Jaaen

• of ' Star-' Cemmarid.' lOfiS Wo'rfd Wa '
Uve lir. 1139 Rodeac Robin Haod. '11.40
High Country- Chiklien otiNew-Zaaland.

' 1138 Tha Bubbliaa:- 1.20 pm. Calendar
ttewB.' 230' Monday 'Matinaa.' **'The
Blue LiQeon.*‘-.aarTing. 'Jaan' Simnwi»
and-DonaU Hoimmn. K10 The. Ture Of
'Ua. 630 Coleicider- (Emiey Moor and
' B atipont adidona)'. - '638 Happy 'Days.
9J)0 Minder. 10,30 Brass. Ui CGneart.
I1.1S JoitfTwy to die Unknown. ' -

-Barvice: 1036 On .Hoildey.- - 1T30

- Newa. -1138 Down- Ydur' Way.' 'ITAB
Ad Hofr-Cmkery. 1230 News'.. 1232 pm
You and Yoni*.' 1237 What Hoi
: Jaavea. 1235-. Wbetfiei:- travel^ pro-
gmnrna haws. - 130 The -Wbrtd at .One.-
. 130 Thp-Archera;- 135 Shipping 'forS'
' aot '230 Nows.' 23B Woman’a Hour.
330 Nawa. -232 Aftamoon. Tlidatie
fS). 430 What Ghali Vlte Tail Tha
Childim? .430 Story Tfme. .S.Q0 PM:
News magMiie. 5A Shipping foia-
' east. . 535 Waetban pregtamme howa.
BJ)0 Newt, Ineluding Finoactal Aeport.
630Uuat a A Miinuta. (S). 7.0D nSm.

. 7.05 -Tbs' Archers. . 730 Start , tha waak
-with RtChard .Batar- fSj. : 8:00 'The
Monday Ploy (S). 930-Kalaidoacope;

. 'At|atreK*!-rA. Utertty. Leddaeapo? 9.69
'Wdetber. 10.00 ,-nw Wbrlcf Tonight
-1030 Menco No«c.-. -1130 A SooA .it
'-B^tirea. 11.15 ; Tho .f^an^l World

, Tonight. . 11.30 ^Todey In Parffament.
' ITJdS Musle At NigfiL TLOBNavn.

Assets and bunnes for sale

ENVIRONMENTAL ENGINEERING

WARWICK

Farrar Walvrin Intemationd Limited (in receivership) —

* Leading business with a world-wide reputation for tiie design,
manuheture and inflation of pumping and environmental
process plane

* £13 million woitfi of UX and overtcas centracB cuirantiir in
progress.

* Operating from freehold premises in Warwick with additional
manufacturing facilities in Accrington, Lancashire.

^ 260 employees Including highly qualified technical staff.

* Immediate offers necessary in order to preserve goodwill.

□ Cneuiriw to;

J. G. I. MOORE,

PEAT. MARWICK. MITCHBJ. 2 CO..

45 Church Street.

BirmhiglMia S3 SDL
Tclaphuna: 021-233 1666
Telex: 337774

Peat, Marwick, M itchell &Ca

Assets and business for ale

AXLE AND TRANSMISSION
COMPONENT MANUFACTURER
MERTHYR TYDFIL

^ Established prectsien machining business muiufrcturing spiral
gean for cars, oommertial and heavy vehicles: prop shafts for
major construction and mechanical handling equipment, and
drive axle oompoiients for original equipment,

* Located in special development area — factory is held on a long
lease and occupies 60D00 sq. ft. on a 3j-acre site.

* 90 employees.

* Sales in heme and export markets.

P

fneurrivs ro:

T. O. SNOWDOI.

PEAT. MARWICK. MrrCHBi. B CO..
Welsh Street Chambere.

Chepsinw,

Gwent NP6 SLN.

Telephone: 029-12 3232

Peat,Marwick,Mitchell &Cq

Assets mid businesi for sale

MATERIALS HANDLING
SPECIALISTS

CANNOCK - STAFFORDSHIRE

* Carries on the design, manufeeture and instaliation of mteriaJs
bandiing equipment and cbemlcal process phntr

* Fraebeid premisas iocatad at Caiuiedc, Staffbrdshirtf

* 24 employees — wide range of skills*

* Business enjoys a good repumtien in its market sector md a
esttsiftenc demand exists for its services from several large

Eneuvfeu ter
T. A. E. BROOKES.

PEAT. aHARWICK. WITCHEU. A CO..
45 Church Street.

Bimiiwfmm S3 ZDL.

TMephuiw; tBI-233 1696
Telex: 337774

Pfeat,lVfar\vick,Mitchen&CQ

Ao tato antf hnrtnem for ale.

MOTOR FACTbRS;

, south'. EAST. WALES'" . ■

'• Trades as “Mclplmf." -

• Retsilec airf 'wholesaler, of nrator eompenencs and a<x«sofieis

^mg tiirough four wdl-shuased branches in &rdiff and m
brai^ hi Blminghaint ' ' ■

,• 30 ,emplqyeesv ' . ;

• Largest Independent motor factor in ^ Walesr

• Approved fcod^ by all major.eompenentiMnvtocCuterir .

• Turnover currentV at £1 miliion per Mnuin — praven

profitabnityt

EnqaMoo to; ’ ■

D; P, U OAVfSS, - . -

PEAT, 'MARWICK, . MITCHBl S CO..

113 Bum Stmut.

'. Cardiff cn 6TD.

Talephene: 0222-32245.' '

- Tatam esmr

Pfeat, MamiGk,Mitcheli &Gkk

Assets and busineR for srie

ELECTRICAL CONTROL GEAR
MANUFACTURER

WARWICK

• Electrical control gear manufeeturing business available for
saie^

• Principally engaged in design and manufacture of control gear
for sewage end water pumping instalfaticns.

• Freehold premises of approximately 22j000 sq. fc<

• 50 employees including experienced technicians artd draughtsmen.

• Contracts in U.K, and oversaasc

P

f/iguWTM tot
J. G. I. MOORE.

PEAT. MARWICK. MITCHej. A CO«
45 Churcb Street
Binningtnm S3 2DL-
Talaphona: Oei-233 166B
Tairec: 337774

Psat Marwick,Mitchell &Ca

Aswts and bisinea for sale

AXLE AND INDUSTRIAL
TRANSMISSION MANUFACTURER

ACCRINGTON

• Design and manu^ccure to customers’ requirements efs
— Steer axles for fork lift tnidtsi

— Axles for articulated trailersi
— Irtdustrial gears and couplings*

• 48 employees^

• Long leasehold premises *w 73ZOn> sq« ftt

□ EaQukios MS ■

8. A. HUNT,

PEAT, MARWICK, UITCHBI « C0-.

45 Church Street.

Bumingham S3 2DL.

Teiept ww! 0 8l-2a 1858
Telex; 337774

P5at,Marwick,MitchelI&Ca _____

AaMti and business for nie

ELECTRICAL DISTRIBUTORS

WARWICK AND BIRMINGHAM

• Eleetriol distribution business for sale<

• Distributes wide range of industrial motors and electrical
equipment supplied by leading manufacturers.

• Two ioeaciensi

• Turnover appreximately ^SCLOCO per annum.

Enewirws re:

J. G. I. MOORE,

PEAT. MARWICK. MITCHBJ. B CO.
45 Ctiw^ Suvet
Bumingham S3 2DL.

Tefeph one! 0 21-233 1686
Teierc 337774

Pfeat, Marwick, Mitchell &Cq

Assem and business for sale

MARKETING OF SPARE PARTS
FOR ARTICULATED TRAILERS

ACCRINGTON

* 'Articulated trailer spare parts sold to hauliers and retafb
through salesmen operetiog from specially fitted vans.

* Countrywide sales eoveri

* 14 employees^

* Warehouse end offices looted m Aeeringcon«

□ Eneuiiios tor

S. A. HUNT.

PEAT. MMIWICK. MITCHai A CO..

45 Church Street
Birmingham S3 2DL.

Telephenw 021-233 1566 .

Tafea; 337774

Psat,Marwfck,Mitchell&Ca .

A m t i mid biManeo for ale

SELF SERVICE PETROL STATION

BIRMINGHAM

* Seff-wrvice petrel station together wtih a two-bay ear service
and repair workshop.

* Currently has a number of account customers.

* Prime sice on Chester Reed. Birmingham, only f mDe' from
Junction 5 on the H6«

* Appmcimately } of site is eurrtndy sub-leCi

* M.O.T. testing freilities.

P

EheuMes m:

T. A. E. BROOKES,

PEA-T. MARWICK. MITCHBJL A CO..
45 Church SoeaC
Birwiftgham S3 STL. '

Teleplwne: 021.03 1666
Telex: 337774

Peat, Marwick, Mitchell&CQ

Assets and business for sale

SCREW CONVEYORS, FADRICATiON,
GENERAL ENGINEERING

ACCRINGTON

* Manufactures products far water tr ea tment industry on'
fUQ-eentraet basis,

* Has also dweleped a manufacturing p rac e i s for large - so-ew.
conveyors used In mineral cxoacdon and ocher industries,

♦ 79 empfoyeesj

♦ Freehold prararsts ^ 54JMb sqi ffa .

- feeiifffw Dm
S. A. HUNT, '

^ PEAT,' MAmncie.wrcfBs- SCO.'

4S Church Sh eet .

Blmrngham B3 EDI. -
T eiip i i e n e - O BvaSB ib 68
•. TaMs 337774 : ■

PeatManvickMitchell&CoL

.Asefts and butinen far .sale

SWAGING MAdklNERYi

.marumctoreb

BIRMINGHAM .

* Leng:jemblished mantrfaixurer of swaging ihit^ina for supply
to tube makers' and a wTde variaty 6f ether trades.

* Occupira freehold she ■ of . approximately one acre' in Spackhlll.
Birmingham.

40 employees,

■* reputation for quaNw products which are' sold mainly
n fang standing cuscemers^ '

* Porabic oppertunities'for mcreased mcpcM salesi" -V ' ‘

- fneu^'er-MV
■ T. A, g. BROOKES,'

SPJIt "'tchhl w m*

. 46 Church Stteat . . •

' ' "Biroiifigham.B3 20L.

- TMephone: <ftl-233 . 1666 .

Tetex; 837774.

Pfeat Marwick,Mitchell &Cq

Assets arid 'Viieineis' fer''safe ' '

PRESSINGS AND WELDED COliPONEHTS
MANUFAGTDRER '

BIRMINQHAM .

* »n4 .med trade,

and fabnes^ structures In steel arid atuihiniuma

'* Tvfa facain. m

* ' dO cinpleyeefa

> l^g astablisbmi cbpimdfaw ^

tot ■ ‘

^p.MiiGitr, . .

Financial Tiines Monday Aagiist 2 19S2

BUILDING AND CTVIL ENGINEERING

BngmePTTTignQinfTanf^

o0.g^diomical,prooessand
powCT generation \

New proposals for
building r^ulations

Sales nptom poses qnestioiis

further details of the

Govenunenfs controversial
plans to introduce a new s>’stem
of o 0 iutorini! and administering
building control Regulations,
ssing. private certifiers, are con-
tained in a consultative p^er
{Hibiidted fay the Environmeni
Department

The proposals would give a
developer a free hand to choose
whether buildias regulations,
applying to a particular scheme,
should be administered by the
local authority or fay an
approved certifier, drawn from
the private sector. Certifiers
could include architects, en-
gineers and surveyors,' soys the
deparimenL

The latest proposals, although
in greater detail than those con-
tained IS a previous' consulta-
tive paper, stiii do sot Ailly
clarify the position of any pos-
sible private certifiers with
regard to indeamity insurance
against Claiiss for negligence.

A series of court cases,
induding the celebrated Anns
V. Merton, would appear to
leave certifiers— whether from
the public or the private sector
— in the position of having to
accept indefinite liability.
Claims for damages against
in^viduals or their firms could
therefore be made years after
building work was completed.

. extra, cost of insurance
premiums to cover this liability
would appear to be a not iiudgm-
ficant obstacle to the proposals
gettij^ iBider way. The fikiviron-
.xnent Deparunent recognises

this problem, and says tint the
whole question of tbe l&w of
liability, induding bow it affects
oonstructon, is cmrecatiy under
review by the Law Refoim.
Committee.

Tbe Depart me nt, however,
says it would expect eertifieis
to cany indemnity insurance
eitiinr for tfiemselvies
indtddualiy, or to cover ciaaTne
for damages against specifie
bu-ildmgs with whidi they haw
been involved.

The paper stresses that special
arrangements may have to .be
made for low rise bousing — “the
Government would need to. be
assured that binsurance arrange-
ments were so deigned as to
offer first, and subsequeat,
owners the best prospect that
cover wwild be avadlabie in
ftiture years,” says tbe Z^iart-
ment.

The Deparlmexit sa^ that any
private certifier must be **inde-
pendent of persons or finns res-
ponsible for the design or con-,
sanction of the bttfidiiaig he is
oertii^ing," Certafiers would ^Iso
be expected to have the neces-
sary proifesstoiial quA^ficaitions
and practical experience to
ca^ out tbe job. Certifiers
might even be expected to pass
an examination on buildiag
control maitier&

In some cases, for limited
categories of work, such as
housing up to three storeys,
membeisfaip ' of an appropriate
professional institution magfal j
be sufficient qualification m be- I
come a certifier, accordiinig to I

Ideas wanted for GLC site

THE GREATER Londoat Coun-
cil industry and employment
committee is to ask developers
for ideas for one of tiie largest
potential industrial- sites in
Inner London owned by the
. .Council.

Tbe Wandswortii Gas Worlm
site, at tbe foot of Wandsworth
Bridge, has over ten acres
available for industrial de-
velopment. A long- leasehold in-
terest will be offered to pro-
perty devrilc^is.

Ur Midiael Wand, diairman
of the committee, said: “What
we want to see on this import-
ant site -is the sort of indus-

trial developmeQt that means
jobs for Londoners. Wle want
to see an element of sme^ fac-
tory and workshop space but
would also be interested in
major industrial operations. We
shall try to make sure that
these are let for job-creating in-
dustries.”

An added attraction will be
a riverside walk for whirii
there will be speeffic require-
ments in the -design brief.

Problems on the site because
of soil contamination will be
helped by new arrangements
with the Department of the £n-
vivoBment on redamatiem
under Derelict Land Grant

UK COmHACTS

A NE'W.lHliannaceidical cent re
besng iindertaked by' KTLE'
STEW.4RT for Merck Sharp
and DoJuno will cost £14.3m. .

This will be located at
Terlings Park in Harlow, Essex,
where it will take . about 22
months to build with work start-
ing on tbe project this month:

The total floor area is. 12.750
square metres and trill provide
accommodation for some 200
employees. Facilities will
include laboratories offices,
library and cafeteria..

Architect for the projecl is
Sheppard Robson, and tiie struc-
. tural and mechanical engineers
are.Ove Arixp and Partners.

MiURPLES SIDGWAT . BUILD-
ING (a subsidiary of the Batli
A Portland Group) will con-
struct the new General Hospital
at Weston-superMare to a value
of £12m for. the South Western
.Regional HeaUh Authority.

' ' Work covers the erection of a
S52 bed hospital togeUier with
associated external works, dram-
age mid services. The floor area
including roof plant rooms is
about 22,000 sq metres.

As -SSm building- contract .has
fim s^ned with COSTAIN CON-
STRKKmON for the Grown
Estate' Commissioners’ near de-
vel<g3ment at '111-125.. Oxford
Strm and 172-186, Wardoor
Stmt. Wl. Capital and Counties
is project ' and 'consiructian
manager.

-i: To be built behind the existing
Oxford Street ' facade. . and to
incorporate a new building in
Wardoor Street, the development
will provide SkoOO sq ft of new
'around floor aiad basement, shop-
ping, S3f)00 sq:.ft .bf. aii>condi-
tioned offices fa^t around a land:
scaped garden courtyard, seven.
residtfBUal fiats and parking for

11 cars. It .will be'4eady,.-f6r
occupation in just over 18
months.

RUSH AND TOMPKINS bas been
awarded sew contracts totalling
£S.lm, the largest of which is for
a £4.5m bus garage for Londim ,
'Ransport Executive. Work |
begins on site, off Station Road.
Edgware, on Augnst 2 and is due
for completion by 1981. The
project features sheet piling to
the embankment of part of the
Northern Line bordering tbe site
and will eventually form part of
a new. approach road.

WORK ON. a furtber. section of
the Xpswirii by-pass will soon be
und er way, says the Department
•of Transport which awarded the
£3.1m etmaact for. the eastern
section to ROADWORKS (1952).
. This section will have dual
two-lane carriageways and will
extend from tbe Seven Hills
interdiange oh the southern
section to the A12 at Martlesham
HeatlL

★

TWO CONTRACTS with a com-
bioed value a£ £lJ3m h ave been
won . by SHEPHERD CON-
STRUCTION. One worth over
£8^000 is. for extensions and
alteratioDS to Boston CoU^e
of Further Edoeation for Lin-
colnshire. County Council,
while the other at £|m involves
tbe modernisation of two
barrack blocks at Rapier
Barracks, Kirton, in Lindsey
for the PSA. .

A FORMER tram shed in South-
cote Roaxl, Bournemouth, will-be
converted into a modem depot
under a contract .worth nearly
£]m awarded to TAYLOR
WOODROW by Dorset County.
Council,

OinBRSEAS CONTRACTS

■ Contracts fob the stodr'and

- -.deisign of sewerage a&d sewage
1 treatment faciliiies for the'vil-
- '. lages of Msxyad, 'Umxh- Gbafah
-• and 9ii Selimat on the outskirts

A! Ain .in 'the United - Arab
. -IStelrates bm been awarded to.
MaIFOUB^ UK dbnsulting
etigiDfers. The combined deat^
is about 16,000 and
-' tbe treried eSbioit/ from two

- Villases ariU be used -fbr trrigaf

: 'flon - 'lit" rnadside wgetatiDD.

sbotefi sad
' wfliHV.. are .estiiuied at

liffiaizt 7&n- <^ams

c o nt T*^ -sre witii AI-

- Swrtage Commit-

- ^ fkvieramst oS Aha DhebL

"'4' ■ ' ' ' ■ ■

<VK) hu

: . -bfdm tinuib for its bnildisg

dadding ' products from tiie
..Ifiddie Sa^ F^istan and North
Africa. Ite. company will be

- providing building systems worth

t2Sm for a number of new pro-
jects being uadertaken by tbe
liaq Government, including a-
hospitM and adminisaative build-
ings. 'A ^atract valued at £1.3m
1$ for the provisioa of composite
cladding panels to a major petro-
chemical complex in Saudi
Arabia. Other contracts inclnde
.the Iscast foundry ia Iraq
(£330XX)0) the fipri power
station. in XCaracM (£200,000),
eold st<^ at Dubai (£130,000),
tbe Burri power station at
Kfaartoam (£130,000), Jeddah
Aitp^ extension (£12SJ)00).
Rijmdfa walsr s^tem (£120,000),
ffid supennailrets for Gosa in

Libya (£116,000).

3 POR A TOST FOR CANCER
-cnltnre <noWinj»a*>-r«earch to develop a routoe
' -aatm iff gtarted at Lnadon l/mversi^: this is

VSviniSaifM. One-ia-five pemile die *om cancer S.^pathy

• s y mp te ma appMr could

hwmrhimid adnilnlstration is run by voluntary helpe*^

' tntbe (ioest Please give generously

• Kfin yiMi 's&ipaone yon knew- , -

r-v {taeA'ttr 'i-Tect for Canctf. Woodbury, -Hariow lte|^

the oonsoRative paper.

For more complex buildings
some fonm of individtiai vetting
certifiezB would be requir^
possably under the au^tloes of
a new board to be run jefinitiy
by pnofessionai bodies.

More controverriaUy, the
paper suggests that there may
be a case to aHow self-certifica-
tion in eextadn limRed areas of
building work.

The Depaitment also proposes
to make it an oSeace to ** know-
ingly or recklessly give a certi-
ficate which is or miislead-
ing in a material particular.”*
The maxinnun penalty would be
a fine or two years nmprison-
ment.

The re-eme r gence rff these
proposals semns fifcely to spark
off a new round of protest ftom
local authorities •which have
inevstahly raised the pro^iect
of pMsihle conflicts of interest
arising at firms, whoeb may
now beo^e iivoolved with
monitoring buildiiig controls,
and which already have a pro-
fessional relationship with the
cottstmetion iodusOy.

These and other difficulti^
may, sitill. have to be restfived
before the private sector can
become genuinely involved in
a field which is cuorently tbe
exidusive preserve of the pub-
tic sector.

■MiOREW TAYLOR

GOVERNMENT statistics show
that deliveries of cement and
bricks in Great Britain during
the second quarter of 1982 were
the highest for almost two
years. The figures would appear
to indicate that a sli^ apfum
in construction activity may be
under way but industry leaders
are adamant that is not
happening.

London Bride, tiie coaotty*s
largest brick producer and Blue
Circle. Britain's biggest cement
manufacturer, agree that there
is very little sign of a recovery
in construction indusOy woric-
k>ads as a whole.

London Brick which controls
more than 40 per cent of the
UK brick markeL says that the
industry is currently on a
plateau with workloads and
order books still at very low
levels.

Mr Derrick Venn, deputy
mana^g director of London
Brick Products, says: “ The
improvement in ^e second qnai^
ter was partly a reaction to the
low level of brick deliveries in
the previous three months when
sales were hit by bad winter
weather.

' “ If a genuine recovery were

under way we would expect to
maintain the level of improve-
ment achieved in the second
quarter of tiiis year — ^but early
indications in July are that this
is not happening.

“The industry is presently
forecasting brick deliveries of
around 3.7bn in 1982 which,
although slightly better than the
3.5bn deliveries in 1981, would
still be the second worst year on
record," said Mr Venn.

Blue Circle, tt^ch controls
around 56 per cent of the UK
cement market, said that the
improvement in second quarter
cement deliveries had not been
reflected in' every re^n <ff
the cotmtzy.

land, and parts of the West
Countiy; sales have been bdow
forecast”

Blue Circile also reported an
iBptum in sales of bagged
cement This be ex-

plained by Ihe higher level of

1 1980' 1981- *92

"As a company, we have
done pairticularty wed in
Northern Ireland, as a result (ff
an uiptiim in private houring
and particularly because of EEC
grants which have recently been
made available for tiie improve-
ment of farm roads. Cement
sales of 292,000 tonnes in
Norlbem Ireland during the
first half of this year were 27
per cent above forecast,” said
a Blue Circle spokesman.

“ Sales have also been better ,
than expected in tbe West Mid-
lands, reflecting construction
work being carried out on tbe
M54 and also at Birmingham
airport Elsewhero, in Scot-

Bi;fck,

Delnm

1980 1981 . *82 ]

privaite bousLng starts in the
first lalf of the year azid also
by higher demand for cement
for small building works such
as bouse i m provements.

Blue Circle said: " If tiiere is
an upturn in activity then it
seems likely to be only very i
slight and will not compensate
for the sharp drop in workloads
that has occurred during the
past five years.”

The company is currently
assessing the effects of this
month’s rail strike but says it
is too early to say whether this
will depress third quarter
figures for cement deliveries.

AT.

Crane hirers
struggling

THE PRESENT economic un-
viability of most crane hire
(^erators is highli^ted in the
second Machine Viability Ra
view published by tbe Construc-
tion Plant-hire Association
(01-730 7117).

It is evident that, over the
two-year period reviewed, not
only must the majority of hire
fin^ have been imaMe to fund
the eventual replacement of
their cranes out of hire revenue
but there nmst be considerable
doubt as to whether even run-
I ning costs were being fuUy
covered in some cases.

in a letter sent to ail CPA
member firms, the chairman of
tbe (]PA council Mr R. G.
Stuart and the Association’s
president Ur W. F. Moore call
for . very substantial in-
creases in hire revenue — and
primarily by way of substantial
improvements in hire rates.”
Cranes, among the most ex-
pensive types of equipment
available to hire frmn the con-
struction. plant-hire industry,
are rdatively sophisticated
machines with high capital
values, requiring costily and
comprehensive maintenance
schedules.

The Association emphasises
that it is Important that the
real total current costs of own-
ing. operating and eventually
replacing cranes, is foHy recog-
nised, both by hire firms and
by their clients.

The Review refers to the com-
mon practice of quoting " Inclu-
sive ” hire rates — ^induding the

WiniamPiesG!iQflPbl^01*^654i

virtually inescapable and rising
costs of the driver and of coi^
samables— which has squeezed
the residual contoonent of the
hire rate then left over for
covering the TnarhtriA itself. If
this practfoe continues, it may ,
have serious inq^UcatiODS for
tbe continued direct employ ,
ment of crane drivers and fox .
a trend towards "machine-
only ” hiring, says the Associar
tion.

In the 24 page Review trends
in “real unit costs," “actual
hire rates” and "activity
levels” for the four types of .
cranes covered — low head-
room” mobile telescopic six .
ton. lorry-mouoted telesropic 25 *
ton and 40/45 ton and the 40 ,
ton crawler — are considered and I
commented iipom iodiviAially |
and their trezids, over the twD
year period (Q2/1980 to Ql/ *
1982) of the 'ViMijlity Seviw, ■
are displayed in the machine *
analysis sheets.

Go-ahead for
new prison

THE GO-AHEAD for a prison
and courts complex to be built
on 'the Woolwidi Arsenal site
in London, has been given by :
the Enrironment Secoretaiy, lUx
Michael Heseltine.

'THE SOUNDTH/O: S

tttfi n i

UESEIS'VOUMOST m
IS THE RUSTQNG NOISE
OF SOMEONE READING
ANEWSBAEER...*

Bntsound can be an iiritation too.

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MMperSQaistfaerusflm

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bilo^hc^et&e&cttibatyoacaa^

auymoie.

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ygntsfarf-fipp^ng thinffl , Wnr imagfriiTig
thembtffi seeing theiiLlfsprt^bfy
tofbeJtotbatycfiiVe beem trying so
tbat your uzicacisdois D3lad says, M ei&ct
^veyousametfaingtolookatifitinalcesyooheppjyf
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^ ^it MtateoaaivUenevFmeaQi^
to M tbosewboaiBtotallybBnd

to go blind. Here are some of the
problems that have to be solved.

"Wheuyoufiistgoblindalmost i
tbelastproblemyouhaveisiiDC
being able to sec:

3 .

Rita pendl point here. Now doss your
eyes. Can }«u cross the room without
' bumping intolhefumiture?

fbrastarttheri^stbe t—

shock You tiiinklt catf tbe

OrTfllbeOKsoou-niprobablygetbetteif
Thenpeople aroondyoii - evenyour dose family
-start tobehaveiaastrange way, Th^ either over-
Ti^ieJmyou'Svith their syi^ Orthey avoidyoct,

!^theyi:pse£youwitbaaaa^entalrem^^
W£yth^stx:ptceatiiigyoaIi^

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Thafihwheiiitstaristohizrt,
lltenest ptoblenyouhave todea! wMiis
ffff^nesa Despite the fact that they carftse&yom
eyesgo on ti 5 ^EQg. Harder than ever don^

Your other senses - hearing touch, taste and smell -
att WD& ewertime tiyir^ to faid a way rou^
pcchlem of not seeing. M of this 3^
inent^exhanstii^

All you want to do is sleep.

A£t£rthfacQniesdisonentadon.YoaIose -
your way inboth time and space: Tinier

■ — — — I espedaify, becomes vitaDy
important ThereTsTiitJeor
I ' ' nodifferericebetweendayor

night- btityoustiUwantto
ImowTvhim it is. Ending
i SSt ^ wayaiDuadyourownhame

1|jf, canbeaxughbGaaxe.Youha7B
ament^pKtuieofitist
whereenrecythmgis-adoor
■ here,adockaverthere,a

chair jasttoyourle&Butif
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Hf witkifj^ienotquite

M ; whereyoathinkyouareiit

ran hft tprrilyTng. A-nrith^

fearcanlastlongafberyatfve

f ! foijndyoarplace again.

T^^heayougo blindyots
often endiqiwithasore or
dytEnoatTOaifsbecanse
V; youtaikixxuchxnaEethaa

'' ‘iv^ beBore. Infect sonndbeoomes

mre? .you-Yonhavetheramoon.

■ all d^andnight Some peopfe^

atsil^gwatchandimithe
batteries down Jmt by listetdng to it ooustantly.

j ’ Z -

lipiliiif

I'

8 ^11

—

Lookatyourwabtii and carefully note the
time: Nowdoseyoureyes. Can you opetilhem
in eseefiy ten muwtsstime?

- II

As time goes you can leam to
OTetmtne maty of ihe p^ems: You get back scone
cftbeconfidenceLYoub^pitomovearoundtoeaipte

TTirnv ^Thefea-flnrithp.rifpiRsrfmrefEffe--bteitei^

total^disappeanTOetiiedaessyouleamtooape
witiLBtopIe who knowyouzea^ust and start

The Royal National Institute forthe^Iind
needsmon^alithetime.

We use it to help blind men, women
and children to find th^ place
&ithewc»id.Wegivethemthetime-
can you spam them some money?

, Can you spot'the b'aJl?

It's there somev.’here. AH you need'
tofindii is your eyes.'

tzeatingyouas an individud £(gain. Olherpeopte

Great Portland Street^London WIN 6AA

lhtimeyouleamtolivewithyoarblindaes&
BiffiyooiieverftRget whatl&like togo

S £

RNI

Now you know more, will you help? | y

ROYAL NATIONAL INSTITUTE FORTHE BUND

Fjaanctal-7^3^

MANAGEMENT

EDITED

Hostfle bids ‘ undermine the

• 1 •

to

Leo Herzl and John R. Schmidt assess the economic implications of a new phenomenon to hit the U.S. corporate scene

absfracfe

.-BCrir.

tedumts^. 'X Sofalos and T,
’W'dffiter~is.' n«tQstiiat R^-
- tibns 'Jbunal {UK>,^

B05TILB tedder offers have
suddenly become respectable In
corporate America. Until very
recently a company that made a
hostile bid for anotiier corpora-
tion without the other manage-
' aienfs approval was commonly
called a **raider.” The few
companies that made such hos-
tile bids were typically outside
the corporate mainstream and
bad obscure names like Solitron.
Some . leading investment
bankers and law £rms refused
as a matter of policy to partici-
pate in such uDsecstly activity.

Today, such blue-chip com-
panies as Mobil, Illinois Central
and Seagram are making hostile
takeover bids; their invest-
meat bank ere have names
like Morgan Stanley and First
Boston; and <their lawyers
an likely to be pillars of
the corporate bar. And far from
being pejoratively characterised
as raiders, such acquiring com-
panies have been getting an
increasingly good Press and
public reaction as participants
in a market process which
serves the overall interests of
stockholders and society.

This change in attitude is in
part a reflection of academic
empirical studies and theoreti-
cal commentary on tender
offers. A number of writers
associated with leading business
schools and law schools, hav’e
persuasively argued the case
for the economic benefits they
induce.

Premium price
for stock

The theoretical foundations
of these arguments are based
mainly ‘on further refinements
of classical economics. An
acquiror's willingness to pay a
premium price for a company’s
stock (that is. a price over the
current market value) is said to
reflect (he likelihood that the
acquiror can increase profits of
the acquired company by better
management or by achieving
economies of scale or bringing
financial strength or other
advantages to the combination.

Permitting a shift in cor-
porate control to persons who
demonstrate, by a willingness to
pay a premium price, a poten-
tial abilitv to increase profit-
ability. in turn benefits the
entire economy. A recent Har-
vard Law Beriew article sum-
marises these arguments and
proceeds on the basis of an
“assumption that takeovers by
and large increase social wel-

fare.**

Spirited anguments are still
going on over the desirability
^ managerial resistance to
takeovers. The purest advo-
cates of takeovers would pro-
Inbit all forms of resistance and
let market forces take their
course. By increasing the
chance of success for any
premium offer the, number of
tender offers would increase and
so would the market prices of
potential targets. Others^ argue
that various forms of resistance
may serve the useful function
of obtoining a better allocation
of economic resources by evok-
ing competing bids at higher
price.^ or delaying any sale until
a more opportune time.

But these arguments over the
benefits of resistance do not
question whether tender offers
are a good thing. On that funda-
mental point the proponents of
tender offers appear, quite
recently but decisively, to have
carried the day.

The significance of the con-
clusion that tender offers are
generally a good thing can
hardly be overstated. The issue
goes to the basic structure of
our management of economic
resources and therefore ulti-
mately to the prosperity of the
country. Our concern is that
this unqualified conclusion in
favour of tender offers may well
be wrong.

Our specific concern is that
tender offers undermine the
ability of corporate manage-
ment to engage in long-term
planning. The proponents of
tender offers believe they have
heard this one before and have
a standard response. They say
that if long^cem planning is
desirable, >then the market will
recognise it and the stock prices
of corporations characterised by
effective planning will increase
by a proper amount. Such com-
panies will, 4herefore, not be
vuJaerable 'to takeover.

Kesen'ations about tender
offers based on long-range
planning, the tender offer pro-
ponents say, are either a reflec-
tion of 'ignorance of market
price theory, particularly how
quickly and accurately inforaia-
tion spreads in the stock mar-
ket and becomes part of the
stock price structure, or is
simply a subterfuge to protect
the spedal interests of en-
trenched managemeoL

IVe do not think the concern
about the impact of tender
offers on long-term planning is
so easily dismissed. The, basic
assumption of the proponents of

I W-

Wall Street, which one* frowned upon " raiders,** has now come to

takeover bids

tender offers is that long-term
planning can he evaluated by
rational, and ultimately quanti-
fiable. standards. That assump-
tion is a crucial element of the
\iew that the benefits of long-
term planning will be reflected
in stock market prices. But
there is good reason to believe
that the assumption is simply
fake.

Long-term planning is a far
less “rational** matter than is
the assessment of the current
realisable value of corporate
assets on a short-term predic-
tion of profits from particular
activities. The outcome of long-
term planning is by its nature
impossible to predict. The
results will not be known until
far in the future and depend
upon a multiplicity of factors
which cannot be anticipated.

The records of long-term
planners are generally not
available to be assessed until
they become a subject for
historians, ^me of the most
daring planners have one plan
in a lifetime and may be
retired or dead before the
value of the plan can be deter-
mined.

It is very hard to believe

under these circumstances that
long-term planning can be re-
flected in- stock market prices.
All that we can really know is
that in some instances success-
ful long-term planning results
in enormous rewards. But the
ability to recognise such plans
—and to choose to act on the
basis of that recognition— is
closer to an act of intuition or
faith than it is to the rational
calculations which can be made
with regard to short-term
mattere.

Unsusceptible
to evaluation

Moreover, the effective exe-
cution (d long-term plans
usually requires some secrecy,
which is incompatible with
giving the market-place suffi-
dent information even if the
market-place could evaluate the
information.

If our suggestion is correct
that the very nature of long-
term planning makes it unsus-
ceptible to evaluation by the
market place, the consequences
for the argument over tender
offers are enormous. What
hostile tender offers do is place

accept the practice of contested

any corporate management at
the mereyof the' market-place.

If the stock price is below
what the a«iuiror thinks it can
achieve in the near term, then
the company is vulnerable to
takeover. The near-term benefits
to tile acquiror may even be
achieved by liquidation of all
Of part of the corporation.
The only wy I® avoid
being a potential victim of this
takeoTCf game is to avoid a
public market for a company's
stock. That, of course, is what
is done by an entrepreneur who
keeps his company private.

There are some current
examples of private corpora-
tions of great economic size and
streo^, Mch as Bechtel or the
Pritzker enterprises and older
examples such as Ford.' H we
were to ask the managers of
these enterprises what moti-
vates them to remain private,
we strongly suspect that they
would, cite as a major factor
the ability to plan for the long-
term witiiout having to be con-
cerned about sbort-term market
price fluctuations.

You can say that a corpora-
tion makes its cbolce when it
goes public, but until recently
hostile mkeovers were not

regarded as a normal part of
market activity; Standard Oil,
IBM! and other historical
exampl es of corporate success
were not realistically subject to
the possibility of takeover
during the period (tf their
greatest growth and success.

If we say that the price of
access to the public capital mar-
kets is to play a game in which
short-term results must be the
only measure of success, we
may be paying a tremendous
price as a society in the long
leim.

Another way to approach this
problem is to consider the effect
of hostile tender offers on top
corporate management Propo-
nents of tender offers say that
only an incompetent manage-
ment is fearful of takeovers.
Although that argument may
contain some element of truth,
it is a long way from lair
analysis of the subject

The fear of displacement
changes the behaviour of all
managers, whether competent
or incompetent Tender offers
define competence mainly in.
short-nin terms and managers
must conform to these or accept
the increased risk of failure
and loss of control of their cor-
porations.

One can respond by saying
that an effective corporate man-
agement can “ sell " the market
on the merits of its long-term
plan and thereby avoid vulner-
ability to take-over but for the
reasons we have -given, ft is
very hard to believe that this
is possible.

A corporation may have a
SDitable long-term plan, which
it would wish to adhere to even
if a particular asset say an oil
field, appreciated enormoosly in
value. Jlowever, the merits or
deficiencies of the long-term
plan, would be largely irrelevant
to an acquifei— and to the stock
market — if it purchased the
company and then sold the
valuable asset to achieve a
short-term gain sufficient more
than to offset the premium paid
in the take-over.

Not only may the hostile
takeover game affect the atti-
tude of existing roiporate man-
agement but it may over time
dramatically affect tbe question
of who chooses to become
managers of public companies.
Bechtel is a good example of a
private corporation which
appears to attract exc^tionaUy
able managers. The 'discourage-
ment of individuals who want
to pursue long-term goals from

management position in -public
companies, if that is .an effect
of the takeover process, may be
a very high price to pay*

■ Tn sum, our concern Is that
the arguments in &vour of ten~
der oS&s. are essentially argu-
ments about the short tom,- .If
one Is enthusiastic about fender
ofi^ th«i one i$ esth'osiastic
about results in the

short term. But ihere.is.no
way in the end to evaluate tbe
choice between shozf-tenn and
Jong-fezm benefits. This Is a
fundamental social Choice
wbidi, because of the inherent,
unpredictability of • the future,
cannot be b^ed up<m econo-
mics or mathematics.

We -can possibly get some
togg h* infco the- ooDsequences
of titis choice by compoing o*ir
economy with those of other
senioDs or. con^iming our
econo m y today with- ottaer
period in ouc own Ustory.
These (xxDpaiisoafi do not sem n
at aU. cmuforfijig. TSsero -is no
economy of which we are aw«e,
wifth tbe partial mception of the
UK (har^ asx aittmotive ecoauv.
otic exBimple), whkh perinits
hostile tEdceovers of the sort
wbifdi are now becoming acc^t-
i^le in titis country. In Japan
su^ takeovms are afano^ Btex^
ally untizizikable, and the seme
is generally true- throughout the
econonties tff Western Sur(^>e.

Developing

weakness

Yet these economies are mw
out-performing the Ame rican
economy by sidistsuKtial ina r i g i ns
and loi^tenn perspectives
seem to be one of their grestest
strengths.

An equally dlstuxhisg com-
parison is with our own past.
Only in very recent years have
faosttie takeovers devel<^>ed to
a point where they cooM be
th«w^ to have a sigmficaDt
effect on corporate maixagefflent.
But these are yean (ti de\’etop-
ing vmakness, not Increasing
strength, for the American
economy. Before we go ftirther '
down the cuireifet road, we i
should surely be taking a close |
look at the risks involved in
alk>wir>g the takeover gmne
with iits focus on shortterm
results to be a major force in '
allocalBDg the resources of our
ec(Miomy.

The aaithors ore partners hi
the lau) firm of Uatfer Biwn &
Platt, of Chicago, U£.

jUOCirnigiwH tnwwpicBrtnMMM

trades - eeaetifiBg . • to :*-*.'.. .v

xnicn>etecistiilis: : '.

twiftwa

(giw^ affiacied) and ■“ second^
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ahoTter-Wmdtiitig.we^

fiamiaj^^. ;

How managtta ;

' - Hiller

Mani®emTOt ■ 2eit8chTO
(Switzedaad), February
(in Gennao,- English vtixsioiL;;' - ; -.v . i
avauJable) • ■

An of .the motivauQiB > v.J; '

behind Japanese top ntacagers. ^
The aufthot; who says, ** ly
sodetiogist, and .Tm m
ntist-^rm a banker.^- has
tai iof some' tune aria u '-^rj

a director of a Swiss/JaiieiMse
bank. ; a:-; ;

Tjnhing resesrdi ^ statue
piamiing . D, .CoQier m The-.-,-:-;--’.^
Journal of Busing Strati' .r-if.-'.
(UA), autumn 1981
Describes the corporate plart- .i^.T-rr.
wing phitosophy of.- the _ rj. -. ■:
Warner • conglomerate; . enlaiiis . ' :
planning process through
the divisionalised organisation;
ff, ^>iiring <m the method of alio-.
eating R & D resources.

Xeehnelegy as a . eompeiitiFe
weapoc. A. L. Ftohmaa
Harvard Business Benriew ’ .v-rJ
(UB.), Jan-Fdh 1982 .

from, a study of methods-
i pan-tging technological^ products
la unname d companies, ' con
eludes that success depends on. :.

( 1 ) a technical orientation on
tbe part of top management, (S').
project selection criteria, and
(3) linking ' the development •
effort to the needs of the
busing. • . ■ frili : ■'

Xhe impact of carroBt cost^j^'^ .

R. N. Beny and-.'~

S. J. Gray in The Accountant’s '

Jiaguaua (Scotland), Jan
1982 .

Analyses current cost accounts ■■f--:'
produced by companies duriog.r...' J
1880 and 1981. and points to
differing effects 'between indns- -
tries. Finds that, in aggregate; .1 ; ' I
eurreot cost net profits amounted - I'i,
to a quarter of the profits .in the f:':'
coTTe^Kmding . historical cost :j
accounts; sees signs that dlvi- ‘ -s' -•
dend policy is being altered in I :• -
the face of these figurea. p. --

These abstracts are CMtdensed ^ i
from the stikstraeting jouraals "
published by Anber Manage-
meat Publications. Licen^d T-‘i
copies of the original articles' . j* ' '•
may be obtained at £3.50 each.
(inclnding VAT and p + p;...V:: II
cash with order) from Anbaiv ‘f: *' '
P.O. Box 33, Wembley HA» .:!.

8DJ*

• L-. .

V..

TECHNOLOGY

EDITED BY ALAN CANE

UMIST and Machine Tool Research Association in joint moves on CAD/CAM development

stirring interest in computers for engineering design

BY NICK GARNETT, NORTHERN CORRESPONDENT

THE FIRST lenlative conclu-
sions are emerging about the
requirements of companies for.
and their response to, the
integrated application of com-
puicrs in design and manu-
facturing.

The Machine Tool Industiy
Research Association, based in
Macclesfield, and the Universit}'
of Manchester In-stitute of
Science and Technology
(UMIST) have together so far
dealt with some 7ii companies
on the potential and application
of C\D/CA2i.

Thirty of these hare been
dealt with by UMIST's CAD/
CAM facilities alone. A further
40 have been handled joimJy
by the Research i\ssociation and
UMIST, which together have
been designated a practical
experience centre within the
Department of Industry's CAD/
CAM .Awareness Campaign.

; The Government's programme
is linked to a range of subsidies
towards the cost of companies
using the five centres in Britain
and Towards the installing of
CAD/C.AM equipment

The Research Association, in
conjunction with UMIST, has

particular expertise in light and
medium mechanical engineer-
ing.

The 70 companies, with which
Mike Looney, the centre's
manager, and his colleagues
have had substantial talks with,
are active in the manufacture
of pumps and valves, textile
and packaging machinery,
general engineering, machine
tools, diesel engine building,
and manufacturiog for the
nuclear power industry.

Issues

The size of these companies
has varied from 100 to 200
employees up to divisions
employing 2.000 in very large
manufacturing organisations.

Possible applications under
study with these companies at
the centre have included the
design and manufacturing pro-
cesses for grinding machines,
ships' diesel engines, aerosol
nozzles, and gas cookers,

Tbe centre points to a series
of genera] issues thrown up by
Industry's use of CAD/CAM
teaching and awareness fac^*
ties in the North West

• Of the 70 companies, UMIST
believes every one would show
productivity gains frmn the
introduction in some form of
C.AD/CAM, even taking into
practical account the cost out-
l,iy for such a system. That
can be as low as £35,000 but
most medium to large com-
panies would benefit mainly
from systems costing £100,(KM)
and above.

This belief is partly coloured
by the fact that a proponkm
of the companies were
approached directly by tbe
centre, because it believes they
were the type organisations
which could benefit from CAD/
CAM.

The centre accepts that some
companies might not show a
cost benefit by using CAD/
CAUL but says that generally
companies which argue that
they would not receive a benefit
are usually wrong.

Among compaiue»*-many out-
side the 70— which have been
running CAD/C.AM systems for
some time, the centre says
some managements are already
making errors judgment by
failing to allow the systms to

develop into a broader range
of their departments and opera-
tkms.

Mr Looney, a former project
manager in private industry,
says this reveals very varied
ciKnmitments fn»n senior man-
agements towards the long-tenn
development of CAD/QAXL
• Pobllcity for CAD/CAM is
malting an impact and more
companies now make Inquiries
at such centres as that of the
Research Association - 'UMIST.
(Generally malting, however,
emnpanies have a very Unuted
perception of vrhat it can be
used for.'

Mr Looney says companies
seed to look at themselves very
carefully to see what their
future CAD/CAM needs might
be. It is all too easy for com-
panies to choose a cheap but
very limited system which
cannot be expanded.

Surprised

If a manufacturing company
with a limited budget makos
this error, “ it's difficult to
change horses." be says.

Most medium and Ivge com-

panies would benefit from tbe
advice of professional consul-
tants. Ctmipanles should also
adopt a plan — wlucb can be
altered later— as to bow it sees
CAD/CAM developing within
its own organisation.

• The Research Association-
UMZST centre has been
pteasanti)' surprised by the
interest of very senior, non-
technical personnel in CAD/
CAM, and approaches from
some of the companies have
derived initially from directors.

However, personnel at the
technical sharp end of CAD/
CAM in some manufacturing
companies, have indicated that
they have had considerable
difficulty in obtaining financial
bacltittg for it from their com-
panies' boards.

Mr Looney points to one area
which could account for much
of problem — that it is
difficult to quantify in cost
terms the productivity benefits
of using computers for designer
manufacture.

A standard rule of thumb is
that staff using CAD/CAM are
on average four times more pro-

ductive than those without tbe
facility. Apart from time sav-
ings — which allow a greater
number of design and manufac-
turing options to be tried within
a given time period — drawings
tend to be more accurate using
CAD/CAM, tbe process of ten-
dering for contracts is acceler-
ated, and some sophisticated
manufacturing items could not
now be produced economically
without tbe use of integrated
computers.

Conmutment

• Choosing employees to run
CAD/CAM operations is a
crucial issue. In tbe (pinion of
staff at the centre, such people
could be drawn from eitiier
design or manufacturing pro-
cesses. and the key is whether
they have interest and commlu
ment.

If an initial CAD/CAM
system is under the operating
control of someone with luke-
warm conurntment. It can kill
tbe scheme stone dead.

“ Tbe person who controls the
system becomes a very
important individual,'’ says fib

Sb&e to tin Biffies
E UROBEMr
INVBSIMENXBAKE
ESL$100,00(M)00

Doe Septeoiberl^ 1990

E&$10(MXKM)00

Bonds

Doe Fetaiflty 1991

Effectivo AQffas& % 1982,
the specified office of
The udusbEiaZ Sahk o£
Ja;^ ^E^nst Company
ns Fiscal Agenfc SEbt the
nhoreJTagwn-hpff igsaeS
iriEIie

261^Bd:Avanie
BenrYork; NX 11)167

Ui&dk

Aag(i8tS,1982

Fourteen day missions planned for the 1990’s

Solar telescope contract talks in the U.S

BY MAX COMMANDER

AIR CONDITIONING

Comfort Cooling Ltd,

Esahlisfisd IP years

SERVICE. MAINTENANCE
AND INSTALLATION
For free survey ring
Peter Walker on (01) «41 0888
or Dave jadcson on
(0532) 458286

An aitisTs impression of the Solar Optical Telescope due
for launch aboard the Space Shuttle towards the end of this
doeadd

AFTER the Space Telescope
comes the Solar Optical Tele-
scope (SOT) which, if all goes
well, should be in space to-
wards the end of this decade.
The plan is to run a 14day
anssioD earii year for 10 yean
with SOT laundied from the
Spacriab shuttle and orbitmg
at an altitude of 250 miles.

Discossioiis

So fbr tins scientific study of
ibe Sun is in its very early
stages with the Petkin-Ehner
Go^ration of Connecticut
selected, by ibe TJ.S. National
Aennautics and Space Adnsois-
tratiOQ (NASA) for discnssloos
on a final contract

Tlus; «ys the Gorponitlon,
could lead to a full-scale
deveh^ment contract about the
middle of 19^

Peridn-Elmer has oome up
with an estimated cost for the
project at about 857m. The 5QT,
with- an aperture of 1.32 metres
,(52 indies). vMHild fa'e dedgned.

asembled and tested at tiie
Co^ratien’s optical group
facilities in (Connecticut.

The SOT might be regarded
as a short distance optical in-
strument compsrisoD with
the Space Teiesci^e due for
launch from a shattie in 29^..
19)25 will peer to tbe distant
edges of the Universe and, tiope-
fuily, provide cosmologists with
a. better understanding of the
origins of tiie Universe.

SOT has a much different
role, fr will peer ait tbe
(a rather ordinary star two
thirds out from the centre (tf
our own Blilky Way galaxy) in
the hope of finding some of the
answers ro some of the mas-
teries which have pusled
physicists who have made
studies of the Sun.

Data from SOT should throw
light on the Sun's pro-
cesses; for example the inter-
action of solar plasma vfith solar
magnetic fields; the origia. and

development of solar flares;
sunspots; solar neutrinos; the
apparent loss of mas.s as tbe
Sun goes tiirough its interroin-
able decay; snd studies of tbe
varioos atmospheric layers of
the Sun — the photosphere,

chromosphere and the transi-
tion area to the ewona.

Selected

The SOT is designed to make
measurements over tbe visible
and much of the ttitraviolet
wavelength of tbe Sun usi^ a
Gregorian iH>tical ^stem. In-
struments provision^ly selected
include a visible li^t universal
filter pojarimeter, an ultra-
violet hectograph and a visible
light Schmidt spectograph. The
solar extreme UK telescope and
spectograph are also in Ifae fw
the first mission.

It's all heady stuff If you’re an
astronomer or astropbycisisL
Money and political stability
need to go hand in hand to tbe
nineties.

Looney. Tbe speed, with wbicb
CAD/(IAM develops witiiin a
company is often dependent on
tiie drive that individual and
his or her ability to sell it to
different managers within the
cofflpai^.

• A common 'worry among
managements is the impact on
staff and labour relations of
introducing CAD/CAfiL

" There appears to be a large
element of anxiety about this.
There’s often not much con-
fidence on this score, but 1 think
they soon realise that it is not
such a frightening beast," he
says.

"It’s the same job as that
done on the drawing board and
in many ways is done in a
shiuiar way. Once the syst^
gets going, enthusiasm tends to
build vtp very quickly within,
the company."

B CAD/CAM has important
implications for tbe structure of
company departments. The
general tendency so far has been
not to spawn a new department,
but to assist in the breakdovm ;
of barriers between' production
and design departments towards
a more amplified structure.

Sawing

Mitre unit

AN updated version of the 'E2LU
DG 79 double head mitre saw.
matdiine which now provides
a d^tai read-out of dimrasions
to which tbe material shouU be
cut has been introduced by this
Luton cooHiany.

There are three models for
cutting lengths of three, 4.5 and
six metres of aluminium or
plastic • extrusions and the
machines ^ capable of cutting
miitres shnultaneously at both
ends of the extrusion. Full
details .from ELU Ifaclixneiy,
$10, Dallow Road, Luton, Beds.
(0582 425001). .

Blast clean

SEAGUIDE Fabrications of
Liverpool has available a-eomr
bined water/grit bZaA-cleaning
machine which is described as
providing a mobile answer for
building- renovation, metal
finishing and corrosion control.
Fressure at the blast noole Is
variable between 25 and .100 psi.
Sea grude is at Unit 6, Garston
Ladustriai '.Estate, Uveipool
(OSl 486 811S).

I Computer Aided Planning I
& Estimating Systems

'CAPES’ accanleljr presets
i s wMdM operation mates
; aada nH w il teyoutotegolfaer
wfibitlaled line slaoftards
j p rfc oot s faleastfiaBXgof
ffie thae inoived using
ooiteteBDiial praeetens, ;

ConfaBt;

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SERVICES UD

SVatams House. Cieot Hinvia
Bbxsin^iaia. 910 fiAO.

Tel: 021 233 1449

Memories

iinn^

iHli"

THE CANADLAN telecoms ond
snuconductor maker Mitel has
discontinued its Octobw 1981
scond sourcing agreement with
Intel under vMch it mal^ the
Intel 7110 bifaiUe memory.

Mitel says this is a re^t of
a similar agreement recenOy
concluded between Motorola
and Intel. Genend manager
Ralph Bennett is satisfied that
the Intel/Motorola team "can
best provida a eonscstenr.
ereffible source of siq^ly of
botb bubble and semiconductor
support devices in tbe long
terra."

Bennett says that tiiere was.'
an imponant futnre for bubble
memoiy in tbe Mitel SX-2000
digital switching unit but that
to have continued with the
Intel a^ement “-was not tbe
best use of our resources."

Publications

Computer

newsletter

A NEW newsletter started
pubHeatlon this month called
Compufer. . Aided Design out
Sfanufacture.

At an annual subscripthm <n
£95 (£110 (overseas), this

monthly letter, publiriied by
Scientific end Tet&tical Stadias,
London, -will deal . with -ow
systems coming on te oe
market, new companies in- tef.
field, applications, research and
development end genera stews
in tbe GAD area. '

^le qffitors are Kee' StouL
head of- -the ^Froduetiiai
Englne«iiig DeiMfEnwof. at
lApchestef Polyterimic, Aiti>^
Uewelyn, riiairman' ot~'
'CADCAM AssociatfM and .a
past dipwor. of . GadCentre, at
Cambridge, • ■ ami — ffiehaei
Leesley, director of ar^'t€^‘
tnral and eonstrootioiiel fiOr
ehteering • at • CowpoterVision.
More:;Oh:0l-28fi 4080; .■ r-

■Fihaijcial Times Monday August 2 1982

:

THE ARTS

Haiy Janos/Buxtoa Festival

Rodney JMilnes

this year's
not, as ia

Hie theme .of
Btotton Festival is

phst musico-literaiy but
ptu!^ musical — the centenary
of Che birth of Zoltdn Kodalv
(Ifi82fise7). Thus, a lecture
and ipeeital by the composer's
widow, . ap^priate orAesual
prQKRBHnes, a concert by the
attthsioiB vznzioso Agnes
Szal^ (iscludmg contem-
poraiy works by Papp, Lendvai
and -X^n^ that e:q>lQit to the
full the instrument's bei^dei^
ixtg tOD^ and dynamic range), a
gypsy violmist and a Hungarian
ch^ is attendance at the Festi-
val. and, at the centre of
pioeMdings. the .sot-dz.mnt first
staging' in Britain of HtSry JOnos,
The success of last Saturday’s
peiformance was due largelv to
the lacr and ingenuity of ‘the
produeer, Malcolm Fraser. The
wnrk is fuU of pttfalls for non-
Hun^ria'n audiences : it is
rezy aniKfi a jSay. aarf a 'wordy
one at that, with often quite in-
tidentti amsic ; the fantasy-
hozttbur is both dhild-Hke and
speciftc in its Austro-Hungarian
i^emcces ; the nationalist
sentiment is potentiafly stidty.

Mr Fraser wholeteartediy
embraced these elements in-
stead of side-stepping t hem , and
it worked.

The use of Smnon Young
Petrie's Theotre, whether as
the inhabitants of the Emperor's
clock and chicken run, as a
chorus of Archdidces, or as
Napoleon’s acmy, was imagina-
tive and beguiil:^ The treat-
ment of Napoleon himself, seen
drst as a huge scarecrow
dummy collapsing at -the mere

whatever it is she is doing; she
held the audience spdlbound
the fervour and beauty of
her singing. A small group of
Hungarian foDc-danceis, all
fla«hTng smiles and jingling
spurs, proved only marginally
more nimble than the Festival
Chorus itself.

Chorus is not quite the right
word: members of the ensemble
played many, roles both large
and smaH, among 4hem Linda
OimlstoD. as an Empress Mazie-

sight of our hero (Mon Dieu, ' Louise so detennined that Hdry
Jdnos!). then as a ddminu- tocrfc a serious ri^ in jilting her.

tive tenor (Barry Banks) and
lastly, after a cunning stage
trick, as the tiniest me^er at
BYPT creeping off stage was
irresistibly funny.

The boastful H&ry himself
could easily become a thunder^
ing bore, but not as studiously
underplayed by Alan Opie with
Keaton-like economy alm^
entirely from the eya. His was
an enormously skilful perform-
ance, strongly sung. The senti-
ment was safe in the hands and
larynx of Qmthia Buchan
(Orsse), a mezzo who always
communicates total belief in

and Alan Watt in various mani-
festations from diorus-line to
Coadiman to Emperor. My only
reservation stems from Mr
Fraser’s invented framework of
a Hungarian village cmamunity
on the run frmn the Austrians
in the 1848-49 wars: they pause
in ffight to be diverted by Hazy’s
tall stories. Tite opening and
close, verging upon the por-
tentous. fitted ill with, ttie -un-
dying loyalty to the Emperor
expresed by Hiiy in the tides,
Ihat, perhaps; was the point,
bot I am not sure it was one
worth making. ' Certainly, death

and disaster to the accnnpazii-
zoent of the famous iTitermezzo
smacked strongly of directorial
Uoody-mindedness.

In the pit, Anthony Hose
and the Bfaachester Cmerata
revelled In Kodfily’s score, most
of it familiar from the orches-
tral suite. And a lovely score it
is. both in its tub-ftumping
vigour and in the sqoishlly
baiinonised, delicately orches-
trated folk tunes. (Hflzy’s and
Orsze’s Danube duet is a show-
stopper.) The staging itself,
with Fay Conway’s simple decor
given epic quality by Joe
Davis^ sup^ llghdng, is exc^
lent. Miss Conway's peasant
costumes for the Viennese
courtiers as though seen
through rustic Hungarian ^es
are a charming conceit There
are furtber performances to-
morrow, Thursday and Satur-
day, with the first performance
here of Kbddly’s one-act folk-
opera The Spinning Jfoom on
Sunday, and Charles Strouse’s
new children's opera each
morning over the week-end. As
always, Buxton vaut bten Ze
voyage^

Architecture

Colin Amery

In an Edwardian garden

Carmen/Coliseum

Max Loppert

newest London exponent
of BizefS damsab]^ demand-
ing and elusive heroine is Della
Jones, \riio gave her first
Carmen for the ENO on Satur-
dSYi Miss Jones, complete mis-
tress of Rosrinian roulades
and divisions, a stylist mercurial
and' vigilant in Mozart and
Handel, and a d^cate- and
delicious comedienne of the
most pointed kind, might be
thought rash to essay a role
that ends in high-powered
verismo drama, a role whose full
dimensions are arguably
beyond her powers to match.

. Encountered in London’s
largest theatre, some of Cannen
docs prove beyond her means
•MD the card song low notes
sounded ov»weighted. in the
final scene the calls for forceful
outiKusts . were unequally
answered, and at times one
5ens^ that exaggeratedly dear
diction was having to- do the
-work of fall-4nenled vocal time.
Even so. the performance is
sever -less than iuterestiug, and
in those scenes -where Miss
Jones comes na rurally into her
own, It is origi^l, refr e ^ ing ,
rich ip imagination. This
singer has- the pluck and tire
fight for Carmen, tiie sting in
her eyes, the flash of dertlry that
.can ctmveyed as much by the
fingertips as fay more conven-

tioTial means. In quieter
moments— the start of the
s^guidille and af 'Lao-bas”—
the singing was of matching
originality, keen in attack, zesty
in communicative powers. Ihe
purely physical allure of the
convention^ Carme nis missed;
there is much to take its plm.

She is the pzinelpal, almost
'(if not quite) the sole reason
for a visit to an otherwise lack-
lustre revivaL John Treleaven’s
Josd has much to offer, much
that is natural, sympathetic,
and honest;- how one wishes he-
would fall into the hands of a
fire-eating producer, to rfimitiigh
the callowness and tighten the
clunky mov'ements. (And how
one uishes he would lose
weight!) Escamillo is thick-
voiced and wooden, Frasquita
flapperish; Micaela — Hilary
Western, late substitute for the
unwell Eilene Hannan — * was
over-taxed by her responsi-
bilities, though never insensi-
tive to the lie of the line. Terry
Jenkins’ Remendado, alert and
witty, was a flicker of light in
the ^oom more often than sot
encirding Carmen.

The subtext of the whole
show seemed, in fact, to be the
over-exposure of the opera in a
house of this size — or rather, in
a house of this size relative to
ENO resources and evident
amount of rehearsal. The pro-

• • . - 4 !'.

'*^8, * ••***?? :
t • * *e4f!

- .'i

Della Jones and John Treleaven

duction. no longer in' John
Copies care, has lapsed into
garish routine (at the start of
^e Smoke Chorus, the couples
positioned themselves In appar-
ent readiness for a bout of
Come Dancing)^' In a smaller
theatre, Stephen Barlow's very
deliberately paced conducting
might throw up a bounty of

illuminating detail; in a hot and
sweaty Coiiseiim, the effect was
passi^y lethargic and. in Act
3. continuously leaden. The
opera continues to be sung In
that mixture of English and
pseudo-Spanish-accented gypsy
yack-yaefc that has been tbe
bane of the ENO Carmen for
more than a decade.

.It is the season ter beiag out
of doors, time to leave the
cities. But wbqt is it we are
looking for on our annual
peregrinations? Many people
say they are searching for a
peace whidi evades ftem in
their daily lives, for the kind
of rest and recreation you
receive only from the balm of
nature. 'What have we done to
our lives that has made us lead
them in sudi a sdiizophrenic
way? Why is it tiiat so many
people only iive at tbe week-
ends?

It must be something to do
with our surroundings, with tbe
fact that so few of our work
places are agreeable to be in
for long, and the brutal way in
which nature has been banished .
from being an everyday part of
our ordinazy lives.

In a new book the landscape
architect, Jane Brown, has
written a powerful ert de eoeur
that urges ns to look afresh at
the landscape of our working
lives. Her book (The Every-
where Landscape, published by
Wildwood House, London,
papeihack, £4.95) is passionate
and provocative.

She questions tbe way that we
tend to regard landscape as
something separate from every-
day life, something to be looked
at as belonging to the past or
at least to be viewed from a
distance. She reminds us of
the old proverb that there is
gold beneath our feet if only
we would look for it The gold
in this case is the immediate
surroundings of our lives.

If we learned how to improve
the cities where almost 90 per
cent of *our people live and
work we would develop
healthier attitudes to the over^
sacred places of tbe past. Jane
Brown raises the fascinating
point that we have all been
brought up to believe that the
conservationists, tbe nostalgists,
automatically have right on
their side.

IVhy don’t we think -with equal
certainty about the present and
campaign as vi^dly for the
improvement of downtown Brix-
ton as we do for tbe
preservation of the past Some
of Jane Brown’s targets are
predictalble. The National
Ttust is seen as too patrician
(uzffair), the Department of the
Eoviromnent as blinkered
(true), tourism as intrinsically
evil.

I thought (hat she was too
kind to architects and has a
curious iiAred respect for the
" professionals " at tbe same
time as wanting us all to have

The Salutation, Sandwich, Kent wh ere the Jekyll garden and Lutyens
house are being carefully restored a nd opened occasionally to the public.

a part in the understanding of
our landacape. Indeed it is
worrying that yearns for
the Landscape Institute to have
Royal Charter status when her
book seems to argue for a less
institutionalised approach to all
aap^ets of landscape.

I commend her book to
anyone .who cares for our
surroundings. You won’t find
it a cool and logiical argument
but you will be forced to see
that attitudes have to change
fundamentally xf our most
Immediate enviromnents, par-
ticularly our inner cities are
to change, let alone improve.

In a calmer and more
reflective frame of mind Janq
Brown lias simultaneously pro-
duced -what AS certainly the most
beautiful and perceptive book
on Gertrude Jekyll’s gardens to
have appeared since Miss
Jekyll was regularly in print
Qaniens of <o Golden Aftentoon
is sub-titled *‘The Story of a
Partneist^: Edwin Lutyens aod
Gertrude JekyLL” (Pidzliriiedby
AUen Lane. £12.95).

It is written vritb tremendous
affectioi^ indeed sometimes It
reads like a great romance.
However the golden idow of
glorious nostalgia is frequently
punctured by a consciousness
that above all Miss Jekyll was
a practical, hardworking and

down-to-earth gardener. The
fact that she was alsb an artist
is almost taken for granted.

Jane Brown is at her best
writing about the actual gar-
dens, referring to the plans
and expiaining in considerable
detail the point of the planting
schemes. She is right to say
that the greatest gardens were
produced by the partnership of
Lutyens and Jekyll in the rela-
tively brief period, 1890 to
1914. 'Whether long term pos-
terity will agree with her that
this period was the "last,
evocation of art into landscape ”
is more debatable.

Her view of Surrey as some
kind of legendary fairyland
where the arts and grafts
fioori^ed as never before on
the brink of the First World
War is a parochial one. It is
such a danger for English
-writers about this period to
ignore tbe influences from
Europe and not to see this
En giiirf? flowering in a wider
cultural tx>ntext. Miss Jekyll
herself was conscious of tbe in-
fluences of more distant cli-mes
on her gardening.

There can be no 'doubt that
this book is the most useful
con-tribution to an understand-
ing of the processes of creation
that led to such .successful
houses and gardens. I would

like to know more about tiie
influence of Miss JekyB on the-
simple elegance that citi^c-.
terised so many of the hiteriors
of early Lutyens bouses. !We.
know bow important Holtend
was to Lotyens and to his best
client Edward Hudsoa ox
Country Life. How hard
Miss J. push tbe vemaculaj*?
This is asking too nmeb
because it is essentially 9 t>ook
about gardens.

It is meticulously researcflied,
and beatifuUy illustrated, and
will become a classic of garden-
ing literature. Hestercombe
stands out as the most remark^
able restoration of a Jekyll gai>
den — all praise to Somerset
County Council.

Jane Brown is right to taisei
the question of the care ot these
vulnerable works of art It is
a tragedy that Munstead 'Wood,
Miss Jekyll’s own garden ia
Surrey, is such a shadow of its
former self. But then Miss J.
did have 10 gardeners and ran
tbe place as a business. Like
Monet’s garden at Givemy it
would be glorious If just one.
of the great houses and gardens
from best period could be
restored and retained. But that
may be impossible. Jane
Brown's book assembles all the
evidence for posterity— it is
invaluable.

Crossley, Zagrosek, Sinfonietta/Albert Hall

David Murray

Everyzlung in Friday^ Prom
was foresting, and three-
quarters of it rit^y ssetastying:
feast enough. It was given by a
brave littie band, the London
Sinfonietta— just winds and
percussion bore, but for basses
(too few) in Stravinsky's Rlano
Concerto joined by cdlos (too
few) for his s.vmphozv of
F^ms. Lack of wei^t in the
bass tine really mattered only-
in the latter work, where the
BBC Siz^cis also seemed
below- strength— on Radio 3,
anyway: if tiie engineers

couldn't keep tbe winds from
swallowing up the foreground
in the broadcast; the chorus
nnist have sounded fraU indeed
in the baU.. At Lothar
SSagrosek's un in pe a ehaply slow
tempo, they could not q^e
carry . (he great, arch of the
coda, and the iosi^fed wind
harmomes. stdetxaeked one’s
attention.

nemesis . upon Hr Zagrosek's
solitary gaffe in the concert, the
insertion of an absolutely un-
wanted breath-pause at the
inc^t of tile co^ Otherwise,
his conducting was a model of
faithfofaiess in every work, with
a firm grasp of overall shape and
incisive in detail (though
Stravinsky did want sharper
dotted-rhythms in the largo
music of the Concerto). He kept
the skirling aviary of Messiaen’s
Oiseaux exoUques in superlative
bdance, and made tbe peculiar
progress of Martinu’s Field Mass
seem quite cogent

That could have bemi a

Ihe 1939 Field Mass is quirl^
and potent, Marrinu at his best
His happiest strokes are always
intuitive and -theatrical, a mat-
ter of placing rather . shqplc
musical ideas in contests where
they sound instantly right, with-
out elaborate arjgument
Prompted by the shadow of war.
his "Mass" is not a liturgical
work, but almost music-tiieatre:

it represents the celebration of
Ma^ Iv soldiers in tbe fidd—
hopes and fears, a I^rie and an
Agnus Dei, rumidings and want-
ing fanfares. A homely piano
and harmonium hoM the centre
of tbe sober inriramentation
Ihe male BBC Singers were ex-
cellent here and Neil Hewlett
made his high-baritone implora-
tions honestly moving.

In Miessiaen and in the Stra-
vinricy Concerto, the Sinfonietta
winds matched Paul Crossley’s
exemplary solo piano. Splen-
diiBy athletic and ctean-fiogered
in StravUitity, he supplied any

amount of live energy and also
Judged the piano's few grave
pronouncements to a nicety,
fcong the serious depth a
-work which can sound brittle
and inhuman. Tbe florid figura-
tion tbe Oiseaux exotiques
was diamond-cut; there is room
there for gentler nuances, but
Crossley’s high-definitioo play-
ing was brilliantiy persuasive.
In the past few years, Crossley
has perfected a keyboard
mOltrise which riiould be the
envy of most pianists in this
country.

‘ The Rules of the Game ’ at the Haymarket

The Rules of the Game by
Luigi Pirandello opens at the
Theatre Royal Haymarket on
September 9 with previews
from September 6. Leonard
Rosaiter plays the leading role
of Leone Gala, with Mel Martin

and his wife.

It is directed by Anthony
Qnayle and design^ by Ken-
neth MeHor, with costumes by
Michael Stennett. The -transla-
tion is Itobert Rietiy and
Noel Creggen.

Royal Ballet School/Sadler’s Wells

Clement Crisp

The week of performances at
Sadler’s Wells just ended, found
the Royal Ballet School repeat-
ing the Giselle shown at the
Opera Hoime and also providing
an alternative programme,
which I saw at Saturday after-
noon's znatinde. Of particular
interest was the Simplp Dance
which Jennifer Jackson — a
soloist with the Royal Ballet —
has made for the Lower School.
Her score is the Gounod Petite
Symphonie for wind (well
played, as was the Sioon Lake
second act by the Southern
Pro- Arte orchestra imder Barry
Wordsworth); her cast are the
14- and 15-yearold stndents
completing their studies in the
Lower SchooL

Well dressed by Andy
Klunder, who has devised a
prettily draped version of the
basic tonic for tbe girls, tbe
piece is deverly conceived for
the very tender abilities of its
young cast Boys at this age
are gangling; coltish about the
legs, and uifco-ordisated ; girls
look more mature and physi-

cally secure; Miss Jackson does
not strain her dancers, but
provides diarming patterns,
and unobtrusively musical
sequences to set these young
people moving.

The dance style is, to put it
mildly, discreet— the idea of tbe
" baby ballerinas " who sus-
tained leading roles at this age
with the de Basil Ballet Russe,
or of Beryl Grey whose full-
length iSioan Lake on her 15th
birthday I remember with
gratitude, had better be for-
gotten — but well-mannered,
decorous at all times. The pro-
gramme was unreasonably
hermetic about names, but
there was especial pleasure in
the fluent arms and speed of,
Z think, Helena Nam, and in
another chance to see that
Jennifer Jackson can make
dances.' And must make more.

The second act of Swan Lake
launched the students of the
Upi^r SeboiA on tiiose oh-eo-
familiar and oh-so treacherous
waters, and brought a carefully
disciplined corps de ballet to

support Tracy Brown and
Christopher Saunders as Odette
and Siegfried. BoA have bene-
fitted from eoarfiing by Donald
MacLeary, and for all its im-
maturity their was

serious. Mr Saunders was intent
on e^laining every shift in
Siegfried’s emotions, and few
princes bother to do that in
performance; Miss Brown's
dancing was gently alert and
unforced. The great duet was
not betrayed, and these young
artists presented it with so sweet
an innocence that it gained s
curious poignancy. Barry Words-
worth drew a sensitive and help-
ful accompaniment from his
orchestra.

★

I went back' to look at the Paris
Opdra La Sylphide again on
Friday night, eager for anotiier
chance to watch Elisabeth
Platel's prodigious incamation of
tbe sylpfa. As tbe role opens out
In the second act her dancing
Seems even speedier, ligh-ter. as
if tbe sylphide's return to her
native air had freed Mile Platel
from much- need to touch the

groan d. Victor Hugo hiscriB^ a
book -to Tagliooi with the
d vog pieds— d ros aOes.
words can be no baas happSy
applied to EUeabetii Platel’s
winged feet in this lafiiabt
springtime of her career.

The perfonoance was saifllyi
marked by ' an injury, to Jean-
Pierre Franchetti who damag^
a tendon dining a variation near
tbe end of tbe second act and
who limped in obvious agony,
from the stage. Most bravely, he
relumed to pJay the mime scenes
with the scarf and completed tbe
ballet; until his inji^, be bad
been a James of yivid daneigg ,

‘ Ivor ^ premierd

Oa August 2S tbe SaSsbary
Playhouse presmits the .world
premiere of loor, a nuitit^
based on Ihe life and .work pf
Ivor Novello, ^ s

‘Ihis prodoctiom writtiea teid .
directed fay tbe Pla^xaose'k
director, David H<n4orit« is part •
of the Salisbury Festivities and
runs until September 18. .•

3l

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THEATRES

AIMKV. Atr^eand. .830 3S7S._;CCt 930
Q2U-379 SS6S. d^P Wflt 830 3092-

AUIWVCM. S ess Sf04. ^ xrs 52$.
AlAM IWWA1ID.. Beet Actor OT

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cirt Hetlllwc. 95 0 9232 4 930 M25-8.
Group salea 379 6«1. Eves_7.sq. Sal
mat 3.0. -me NATIONAL theatbFs
SUlTI-AWARD . WINNING INTEfi;
NATIONAL SMASN
9IN LAV In AMAD EUS by . Wyn
SHATFER directad by PEICR HAU. witb
Niekelas Grace. '

KlIMSS MAD. 226 1816. Tent A Tamer.
Onr 7. Sbew 8.30 TMC JOEYS.

iWDOar PALLADIUM. 01^37 7373.

IICHAEL CRAWFORD In M Broadway

MuleBl BARNUM. Evbs 7.». Mat Wed
ana Sat 2XS. Uw tbe Sarmim Hotlines
0^37 2055. 01-7M 5961 . ter Jnsgi.iS

Mdit^rt ^Mreatlofis. NOW BODKIN'S
70 FERRUARY 5 1985.

L7RIC HAMMZRMmi. S. ^ 0W41
,11, _01-20p_.02Cjp Q4 ^ From

DRUIIY LANC Theatre Royal. CCm-836
SlM. Gre W M 379 609 1, TIM .C^
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duke of VOUCS. 836JS122. K BK
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60 ^.' Ci^t Card beekinof 930 9232.

BLORU THEATRt Q1-8 S7
Preview tomorrow et Oowi

TfturV EVB 7nO..»t Mat i.M. SHE
STOOPS Ira eoMQuoL oiim’ neid-
cmKh? eemedv. directed by WlflMm

OPEN AIR REGENTS PARK. S. 4B6 2431
Inctant credit card bnekines 930 9232
A MIDSUMMER NIGWS DREAM
tonight 4 Tue 7A5 Mat Wed 2.30
DARK LADY OF THE SONNETS 6 me
ADMnUBLE RASHVILLE Wed & ThW
8.00 Mat -rhur 2.30 me TAMING OF
ms SHREW FrI & Sat 7A5 Mat Sat 2 JO
13 Sept.

PALACE. CC. 01-437 6834. CC HMlim

437 8327. Andrew Lleyd-WebbcTs SONG
AMD DANCK Smrrlns Marti W^b 4
Wayne SleeA Dm tp overwhemlna

demand now booLInu te Jan 198a.
Eves 6.0. Fri ft. Sat s;45. ft 8 JO. Same

good seas stljl avaiiaiile most .
Granp salm 437 6834. 379 §061.

FRDM AUG 16 SPECIAL GUEST STAR
FOR ONE MONTH ONLY. GEMMA
CRAVEN. MarU Webb reCunu from hols.

PICCADILLY. $. Alr-eend. 437. 4506. U
379 6565. Group ules 01-636 3962.
379 6061. Pmtel Bkea cv Z20 2204.
Men-Prl 730. ^ats Wed 3.0. Sat 5 JO
4 8.15. SMdents £3.50 In advance

ROYAL SHAKESPEARE COMPANV_ )n
wTlIy Roasell's new comedy EDUCATIWS
RITA. RSC also at AMwych-Baraian.

Gieklll.

FESENCK'A new play to Retort D^d
MacDonaM, Evga 6J). mta WM XO.

Sal* 5.0.

I8A^ F.^^ S .CC 629 3088.

~ »w4 Sat E ft 8-30. RKbara
GREAT YEAR.

NATieitAL mSA-TRS. S. 9S8 22S2.

PUVIER <Opm fM9N TOdJI 7.15. TOIIJDJ-
£00 (low priu mati ft 7.15 DON

3^ t

7^ ON She RAZZLE by Stoward.

Cheap se^ day *

thratrea. SumM aMndb ^ 8-d m 1*> **"
dftv of DOff. C9T MFka ROftiUTHOt 92B
2S^3 ?'c5«‘ 5933.

NT aliO at HER MAjEsrrs.

pRINCe EDWARD. Tim Rice and Andrew
Lfovd-Webbar^ eviTA. Dir. bv Hal
Prince. Evas 8.0. LOw^ price .Mats

bST *C?* Hotline ®439*

SJ?h»r Sg.‘*T>adS ®0??5of cSa.'""-

ROYAL COURT mEATRS UPSTAIRS. 730
2SS4. SALONIKA by _LoalM . Page,

Winner of, 1981
Opens Ton't 7.0. Sub

- Devine Award.
:vos 7JO.

ROYAL FESTIVAL HALL. 01-9 29 3 191.
CC 01-928 6544rS?LOIilDON FESTIVAL
BALLCr. Until Sat. {Mon-Frii Evee 7.30,
Sat 5.00 4* 7.30 Swan . bUm CTon'i
Panove^vm aenvanbenaL 9-14 AuB Le
SylpWdA

SADLER’S WELLS mBATRB, EC1. TN.
01-276 8916 <S Imesi (pr Propramme
detplb. SUMMK ARTS at Sadhr^ WMti
London’s Fastivel of CpmiminlW ft Ethnic
Arts. Aug IS to 28. Free dsMine events
In ft around the theame. Dmerent even-
ing programme every nigiK. All seats
£1.00.

AMPLE FREE PARKING after 9.30 pm.

SAVOY. S. 01-E36 S868..CC 930 9232.
foenings 7,43. Macs Wed 2J0. Sat
S.O. ^0. MICHAEL FRAYN’S NEW

COMEDY NOISCS OFF.
MICHAEL BIAKEMORE.

Obbcted by

PRINCE OP WALES TKEATItg. . 9M

'8681. CC Hotline 950 0848 or TeMatF
01-200)0200 (24-hr bk9s) group nks

6061 .or baoklng on entry.. ROY

kenm: cHinsTOPHlR TWionfY in
UHDBftNEAm THE ARCHK The smuh
hit FamDv MisKal. Moi>Thurs 7.:^ PrI
Sat 5.15 SmUL RATE £4

S NY TICKET, Children. OAPs. students.
en-Thur ft Fri 5.1S.

QUaN*S. S CC 01-734 1166. 4M W6-
4031. Oddit card 01-930 923L Group
tales j01-S79 6061. Eveninn 8 .00. Mat
Wed 3.00. Sat 8.30 ft 8.30.. ANOTHER
■iFTniY to • ••

COU»

Julian Mitchell.

RAYMOND RBVUEBAR. CC 01-734 1M3
M.0!n.Ss1..njBbtly 7pm.^^ iinm,.PAUL

FEnTVAL OF

RAYMOND presents THE FEST. . .
EROTICA. Spe^ concesston to meniben
of HM Armed ForcN. Admlssl

ST. MARTIN'S. CC 836 1443. Eyh
3.45. fawdays_.S_.ft

Tm 9 Mat _
Agatha Chrirrie’s

Agatna
Worlds
Fully air-com

ms MOfiSBTRAP.
loneest-cver run- Soth Year.
idlUoned theatre.

VAIfOEVILLE. CC 01-539 SMSi, Eiw 5.
-wed mats 2Al7SBtt,5.ft 8 ,„goSdn

»N."'THE TAB1&

AGATHA.

eendltloiiM tbeavc.

qWRISTIB’S
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Peter waaS, Eres 7.W. .Mat Mr«d ft. sat

PRBT VTODWi SrG3 S ««FVa eeww* 48 dm

3 pm. Credit card Hotline 930 9232.

WOTMiNSTER. CC 834 0283. HANNAH
^RDON. GWEN WATKRD. PAUL

Dansjman. john.cakm. In the
JEWELLER'S SHOP to Pf
in Evas 7.45. Mae wed
HurrvI nNAL WBf
BREAKING SEASON.

'ELLER'S SHOP to Pop« John Paul

EV9S 7.45. Mae Wed. 0 3

lurrvl FINAL W.BEK

OP

iat 2.30.

RECORD

Admission 51.00

to any 7 em perf. 28th sensational year.

round- house. 267 2S64.
PULYHOySB. CO. . In gH E,

ORCHARD to. Anton .

eXPORD
CHERRY
,hav. PrevS

Fri ft Sat at S.O. Seats £2^^ SmcUI

_ ... .... Opona

Tea Matinee Sat 4.0. Seats £2.75.
Aug 9 at 7.0. Sub Evga 8.0.

ROYAL COURT. S. CC 730 1745. I

Syga

mat

jobitaon.

WHITEHALL. 639 4975-9979 ft 990
6691-7795^ ROBER^ POW^t M Phlllo
Mvlewe. Cee MONT^UE aa Raymond
Chandler In PRIVATE DICK with Rjuni^
Letham A Eliabeth Rlchardaon. Ttekals

£g'JO, ‘uaii-Tltur 8
pm and 8.45 Pm.

WYNOHAM'S. L Ah- Con^ 836 3028.
ARCHER In A STAR IS TORN.

YOUNG VIC fWa»IM,
|8 «$ARd'%OX in HAI

All Seats

havisg

F.T. CROSSWORD
PUZZLE Na 4,938

ACROSS

1 One might admit
heard it (4-4)

5 Recent alterations in the
middle (6)

9 Dismilsses from the field at
Southend as very loud (5,
S)

1ft the initial mistake (snses
extreme fear (6)

12 Chosen to have been carried
by a conductor (9)

13 Frev£ous. minister (5)

14 Joint complaint (4)

16 'Witty saying note, in front
' of animals (7)

19 As t^ow into pieces (7)

21 Charge for a letter (4)

24 Leap or prance around with-
out an indefinite number

(5)

2S' Not prejudiced to give one
to a novice (9)

27 Provided as egs? have been
on completion (4, 2)

23 Rest period midvray -through
the sentence? Ct4)

29 Leave without transport In
London (6)

30 The early developments are
tough (8)

DOWN

1 Makes hollow containers

( 6 )

2 Swoops but not quietly bn.
the 'large felines (6-).

3 Constantly trouble to cove^
with jewels (5).

4 The instant for leaving the
lanndiin^ad (4-8)

6 One is not liable to have
been ^ven it (9)

7 Volunteers dogs (8)!

8 Parts of 'tbe body might be
treated as murder (8)

11 In summer expected to find
a lake (4)

15 I wondered about -■& cover
for the bed (9),

17 Mews? (8)1

20 Dn^ from the sky (4)]

21 Put back the pieces , of

matezial (7)

22 Perfect guess (6)! ' ' •

23 Tired general taken In
enemy agent (6),

28 Arbiter has the thing Iq
make ready for use again
(5)

18 He provides for being more
flexible about one (8)

The solnfiim to last Safurd^lS'
prize puzzle will be pubUslield :
with names of winneie nexfv^
Saturday. . L?

•J

; if

?

FINATOALTIMES

Bm^HOUS^'CANNONSTROET, LONDONEC4P4BY
T&tograinsHnan&iK^lxfKl^

'l&|ephon«OI-24S8060 ’

Monday August 2 19S2

The rights of
employees

'FIVE YEABS ago. after the
publication of the Bullock
Bepo^ the UK was engaged in
a spirited but ultimately un-
productive debate about the use
of le^lation to promote indus-
trial democracy. Since then

In its^vidence to the Bidlock
Conmuttee. the CBl put for-
ward the idea (subsequently
withdrawn) of faUback legisla-
tion wher^ companies which
were unable or utiwillu^ to
reach participation agreements

some companies, often under with their ei^loyees wpuld be

EUROPEAN TRACTOR SALES

Multinationals come a

By Ian Rodger

tile pressure of recession, have
developed new ways of involv-
ing their employees in the busi-
ness, but the emphasis has been
on a voluntary rather than
statutory approach.

Now the prospect of legislar
tion is again on the agenda.
After 10 years of gestation, the
European Commission’s filth
directive on company law, which
is designed among other things
to give statutoiy backing to
worker participation throughout
the Community, is reaching the
point where member govern-
ments will have to decide
whether or not to accept it M
the same time the soKralled
Vredeling proposal. which

obliged by Law lo do so. But
the CBI insisted that any such
legation should afford the
ffiazzmum degree at flexibility.

As amended by the Euro*
pean Parl^ment tiie fifth direc-
tive is much more flesihle than
in its earlier versions. The
options open to a company
wouid include, not otdy a two-
tier board structure with
directly elected employee repre-
sentatives on the ^ervisoiy
board, but al^ a unitary board
apfM>lnted by ^areholders only,
wiA a parallel employee repre-
sentative body enjoying rights
of information and consultation,
another option added by the
Parliament is the devek^nnent

would impose new obligations on tiirougb collective fasrgaimng of

■ ■ partic^taon systems ^uivalent
to those avaHabie under the
other < 4 >tions.

With tiiese and other azziend-
ments tbeib might not be too
much for the UK to worry
about But It is the combina-
tion of the fifth directive with

large and especially multl-
natiosal concerns to inform and
consult their workers, is in its
final stages.

Attacked

Both measures, one dealing
with company law and the other

EN years ago, ft was
widely assumed that the
big North American farm
machine^ companies led by
Massey-Ferguson and Inter-
national Barvester, would
gradually come to dominate the
European farm tractor maricet.
The smaller, national Euro-
pean-owned producers — there
are more than a score of them
— would be squeezed out by
the multinationals’ supmior
resources and economies of
scale.

It has not worked out that
way. IS and Massey are both
in dire finanHai straits; their
international networks of plants
have been burdens rather than
competitive weapons. IH,
which last week announced a
Mastic programme of retrench-
ment (still to be approved by
the bmilu), apparently intends
to stay in the European farm
machinery business, bat It Is
pulling out at titides and
construction machinery.

Meanwhile, the European
national farm equipment com-
panies have fand zeaaonabiy
welL Two yean ago, Flat
Trattori of Italy overtook IB

iRyn

took ISOXXM units, aod all Thua, when IH and Massey a peedc of 38,000 in 1976 to

tobe^etiirEarop^^ other marisets in Asia, Africa, were planning m^expaosioM 21.W 1^ year.

J^oropcan cracwr Latin America io the eariy 1970s to meet the Over the same period, demand

owiAct icwfu«. and Australia about 260.000. anticipated shaiip growth in has also been declming else- __ . .

■Bema^ver the kme . term wt»1d desnafid. much of the where, althou^ not as steeply, ajid Deutz both report tiiat profit recovery itiien markeb^-^

* AAMa tn n^taatt Tft hTnvtl. AmanAA unit calec t.. 4..^.. .... m

Moreover, cozapanies

geneftHB inde^. ^ ; cdo^ ftf

easy medit. is now rampant'in wslK'Si.yratking <m. -.1

xDost worid tnactov madiriis. - fm hvzfor
The levels mage from 15 , to 30 * one produeei^.woiudL.z^^ 1- --y:
per cent, deipending on themax^ giv<^. .« i apegea t , i say t

fcet, and the effect htf been to ntissionsb Soe 6 aunuer <»
d^Mss financial xesnJts. affil ■

further. There iarodftsloimuy oeiai^ y

pjawMstw jg fimraeaeang a net speciUation that . FprdVjs^/^^^^^
loss of $92 5m in the euri<^ ' m!tmeat''6> fte tritctor.busuaK' ^
year to Ootober after losses of is not as sbeOaa es It cooe iwp:.;^
6393m last year end 63971n in but Hrtieoff Tiplady, exegutiw:"'-;!
1980. Miassey lost S99ilim rd w dlrectior of tractor operatioog iC
qiY moDfhs to 1982 after fhzroper .de^es that. .. -t;;.:.;

losses of $l95m in the vriiole'of ' “W'eiiia in ltwearejtiod'arr t
1981 and 8225im in 1880. it and we. are going to sUiR; fat j

Even Deere, acknowledged to It

be an extreme efficient pro- a valoabfe^nrt of Its ott s megs.^:.->i*
ducer, has been having a ton^ Ford had. disosssiras .iri1fai :..= .
Uma. Second qaazter 1962 net- Spe^ two yearn ago wttb-.ar-:-.*

view to bringing together •

trac to r business with Sperty^»:
New Holland sperialised: fan^'
eoitipment ' business. BotjU.:*

, ^ Bnthiag came of it • and -Mr

rent year to October. He rited- T^lady srid be was-qoite happy. .
lu^ interest rates, low com- hot to -be in the conAine .

modity prices, a 14. per cent fall ness. -

in sales volume, low product The muttinatio&ais. have a&'
prices and the need to pnmde cut back to the point where they . .r? •
hi^ sales incentives. claim ; they can. cover theirL'^- .

Yet the European national operating costs . at . least .evenil^ 1
companies seem to be adapting though produdng at only zdioiit 1 =-?
more earily to the tougber mai^ 70 per cent of capacity. .
ket conditions. Fiat Trattori Massey and IH. can make':*:~? .
made a profit last year for the reasonable cases to theirj-.f:;

third year in a row ezKi Steyr bahkezs about the prospects fora t-I '

profits tumUed 97 per cent to
$3m and the chairman. Mr
William A. Hewitt, has. fore-
cast a “serimis decline” in'
Aamiugg for Ae rest of the cdi>

Renault of Prance, Deuti of However, the long - term aemana, xuwu w luv wubib, juuiouku uuk as ana Deutz oom report oiai pronx recowry wnen

Germany and SSr of Aastria growth potential for tractors tavestanent to Briti^ to Norto Am^a, unit sales ^helr tractor operations are in turnup. IH has solid posttwns «

STShe^fto . equipment ^ ^

with employment law. have been Vredeling which ala^ British

fiercely attacked in the UK by
the Confederation of British
todttstiy and by the Institute
of Directors. The Gov’emment
appears to share their hostility.

Ibe ipiuipose of the Commis-
sion’s pro^amme for bannonis*
tog company law is to make it
easier for a company in one
member country to establish
jtsel/ in anotiier, Kbether
through merger, acquisition or
the creation of a stAsidiary.

But harmonisation jn the
field of en^oyee rights pre- sfons affecting tbe Italian sub-

business— and U.S.-based multi-
nationals which aro worriod
about the extrq-territorial reach
of tbe new rules.

Consultation
The Vredeling proposals
would oblige companies above a
certain size and complexity to
consult employees on a wide
range of specific topics in
advance of decisions; a boaiti
of directors to. say, London oy
Detroit could not make deci-

perfomi. directly rriated to the rapMIy ^ ^ would be profiteble if marisets and Massqy has tte,-‘:i

aoees as well as matk^ ristofiwrld population and its $60tei and included Wg » also about 20 per «nt it were capiitelised in tiie largest state, 23 per cent, in - 'it

ances as wen as manwi rame , hvh _ ^ ^ result has been, of normal, commerriai way rather the so^alled export markets,*::.;

iir«A AAAnATniAe irf ^ jjjg nation- /

Sa'rea in the pit few difficult demand for food, ^e growth

to tractor sales is likely, tiiere- tra<rtor and di^

engine plants m Britain. The
Coventry tractor ptant became
the lar^t to tbe worid. wilb
a peak production of 85,000

years.

The two other multinatkniMs.
Deere and Co and Ford, are not

There are 27 makes
of tractor on
the UK market

senis special problems, to
Germany statutory arrange-
ments for employee participa-
tion form part of a legal
framework in whlrii the rights
and oUigations of trade unions
are clearly defined. To Impose

sidiazy without discussing it
with that subsidiary's
employees.

Critics see Vredeling as a
recipe for uncertainty and
delay, vrith groups of employee?
or trade unions having a virtual

such arrangements on tbe UK. veto over management decisions.

where no similar legal frame-
■work exists, may have a
diSTuptire effect on industrial
relations.

Of course, the UK does use
the law to advance the interests
of employees. The Employ-
ment Protection Act of 1975
obliges companies to disclose
certain Information about thrir
business to recognised trade
unions, although the provision
is related closely to collective
bargaining and there are safe-
guards In prevent breaches of
confidence. The Cnmnanies Act
of 1980 requires boards of
dlrecinrs to take into account
the interests of employees in
thejr decision-taking.

The difficulty in all this is to
strike the rifdit balance between
voluntary and statutory ele-
ments. Geriainiy. Vredeling
goes much too far and the fifth
directive to its earlier form was
too inflexible, but equally there
are companies where the lack
of coosideratiou for their em
ployees will not be curbed
solely by voluntary guideltoes.

There is a case for legislation
to secure some minimum level
of consultation and partidpa-
tion. To prescribe in detail what
fom consultation should take,
whetbm' for purposes of EEC

to any floasclal trouble. Both
avoided making heavy invest-
ments in expansions in the early
1970s. But Deere, which is the
U.S. market leader, and a late-

fore, to take place mainly in
North America, where there is
substantial unused agricul-
ture capacity, and to the
develtgwg countries, where
population growth is most con-
centrated.

European trader markets, on
the other hand, are generally
CMisidered to be mature, and
ate expected to show, if an^
thing, a gradual fall to unit
demand because of the trend
to using larger horsepower
tractors.

However, an extraordinary
surge of demand tn Eun^ean
markets in the mid-1970s corn-

course, that economies of scale
have gone by tbe board and
extremelv expensive retrench-
ments has become necessary.
Massey has cut Its payroll from

Discounting in all forms '
is now rampant in most-
world tractor markets

Just a questiem of
guessing vdien the

alised Regie Renault
to the UK, MarriiaU, Sons
and Co^ a aznaU, private cona-
pany, took met Leyland’s
tractor business last
ye» and is confident that it can
maintain the producer’s 6.o per reSUTgeUlCe Will be
cent market share lowering
costs. The workforce has been
cut from 925 to 200, for

” We are starting from a
reduced base while the other
majors are still trying to cut,”

'.T*.*

tractors and knocked-dows Mis
in 1976.

The companies hoped that the

oome^ to Europe, has made 'biaed with the fragmentation of economies of scale in their huge

almost no progress towards Its
goal of raising its European
market share from Ti per cent
to 10 per cent. And Ford, whose
tractor business is strongest
outside the U,Sn lost some
ground to Europe to tbe past
few years.

(Unit sales are not a com-
pletely accurate indicator of the

Eurepeae markets, made them
an attractive target for the
multtoatiouals.

'Whereas In North America
the top three producers, Deere,
IH and Massey, together
accounted for two-thirds of the
market, in Europe the top three
had little xdore than one-third.
There was a wide range of

factories would enable them to
set very keen prices and make
major inroads into the market
shares of the smaller, national
companies’ln Europe.

However, European markets
turned sharply downwards in

67.000 to 1977 to 35.000 and
IH has reduced its staff from

93.000 in 1979 to 65.000.
Meanwhile, the national com-
panies. which had not einIbaTked
on audaeions projects in the
early 1970s, were able to im-
prove their positions. Fiat, for
example, introduced an en^ely

state of the market because of national supplim as weH as the tract(»^ is a duraifie pnatuct and

tiie continuing trend to higher
value troctots with higher
horsepower and often with four
wheel drive. Ford, for instance,
claims a 30 per cent share of
tbe UK market for 100 hp and
larger tractors in the UK com-
pared to a 23 per cent overall
share.)

multinationals in every market

to Britain, for example, there
are now 27 makee of tractor on
tbe market. In 'West Germany,
two national producers. Deutz
and Fendl. account for 35 per
cent of ^Ics, stightiy more than
the four multlnatianals com-
bined.

Massey, IH and Ford have

new product line in the late

1970s but Massey had to defer ......

the late-197Qs,'as faun incomes .introducing ptanne^ new pro- the*fi^t*for su^vaT the Uttle
were hit by the rising costs of ducts because of its liquiffily eompames will die ” says Ur
money, fuel and fertilisers. A squeeze. . '

Then, in cr e asi ng
awareness of the precarious
finandal state of IH and Massey
meant that they had to resort
to more and more desperate
means to achieve sales.

UacDunting to all fbnzK, in-

cautious fanners can defer re-
placement {nirchases almost to-
deflniteZf. Between 2978 and
1981. the nuntier of untis sold
in Europe fell by 28 per cent
In Britain, sales plunged from

whore most growth is likely to
take place. - - .i_J

“Just as people were vey-*

_ ^ optimistic to the eaxiy Z

Mr *Peter " Blair." ^"marketii- we a« too pessimistiey'. ‘

manager, said, mistate “ow,’’ Mr Brian Long, vi^^

- • . . . - dent of Massey, 583^. It ts juft : *--

a question of guessing when toet' :
resurgence will come.” ■ _ r

to maMeq its proposal to itzT
bankers last week. Of atid Ur.-t ’
espected ssricutturM* eqim>-.\ -
ment markets to be fist nest.' -
year and ititow only a mod^i ; :
recovery in 29S4i.

Even after its proposed re-i- .
stroctniing. 2H wiH have $3.3{mi -
of debt and only $506m of diare-i V -
holders’ funds. In Jaawpu?, h

(UreMorSFPr“Al<X^ ■

on a company’s flexibiliiy.'’ funds o£,- .r

Both Reoauh. which entered
the UK market only, two years
ago, and Marshall say that their
moves were made partly in

of the multinationals was that
tb^ were too broaffiy based,
and pricing fOr tbe market
rather riian hi make money.”
Rationalisation is still on the
agenda to the European tractor
industry, but it is no longer
obvious that the multinationals
will be the ma^r beneficiaries.
It is not automatic that in

$538m, but it has contimied to -
suffer bea^ losses since thes-!. .i
and has suspended interest pay-r. .-i
ments on $330m of its

... , . And (Semite Its protestations.^ - ‘

anucipatlOT of one of the multi- peril's position to tbe secfor^-‘

Confusion in
Washington

Tbe failure of the multi-
nationals to progress in Eun^ long bad strong manufacturing
niomSolpean markets'^ totoe past few bases in Eiwope, using their
harmoi^tion^ or ^promote j explain- big plants in France. Belgium Country

’* ing their current difficulties. and Britain to supply markets
Europe is the largest market to Latin America. Africa, the
area for tractors in the non- Middle Eaet and the Far East,
Communist world, taktog as well as those In Europe,
approximately 264,000 units About 80 per cent of tractors
last year, 37 per cent of total made in ^tain, for example,
consumption. North America are exported.

1981 MARKET SHARES

good industrial ' delations, is
neither necessary nor desirable.

Rat

%

IH

M-F

Fond

Deere

France

11A

14J

IIJ

49

72

Germwir

3S

IFA

47

04

74

haly

U2

1.1

llA*

23

1J

UK

34

140

204

234

94

■ liwUidw Lwitfbii

Source: Flat Trattori

nationals disappearing.

Massey announced more than
a year s?o that, as the leading
manufacturer to Ehirope, it
would seek to initiate "a
sensible reorganisation eff
industry production facilities.”
It said overcapacity amoonted
to about 25 per cent and
suggested that ” a pialor
rationalisation or a severe
shakeout is inevttable.”

So far, nothing seeons to have

most be seen to tbe li^
tbe group's difficulties in its
core car iM^ess.

Notwithstanding the
of tbe past few years capacity io
tbe European tractor industr}’
is probably still weU In excess
of likely demand. Iliis is handly
a stable sstuatim either fbr the
multinationals or for the Eupo-
peas-owned companies. Some
fuitiier rationalisation of the
todustiy seems toevitabto.

.-J “■

•I

THE RETREAT of the Federal
Reserve Board's discount rate
is .*1 welcome event, but eco-
nomic news from Washington
still makes discouraging read-
ing. Even though the indica-
tions point towards a recovery
of economic activity in the
remainder of this year, which
may continue in 1983, President
Reagan has already admitted
that recovery wUl be slow and
difficult.

That subdued judgment was
borne out by Hie index of
leading economic indicators
published on Friday. After
improving in April and May. it
remained unchanged in June.

ward revision of eariier admini-
stration estimates; the Congres-
sional Budget Office forecasts
growili of about 3.5 per cent ^ - -

annually over the next two GOluGfl CnffiflCGS
years.

ELxerases in prophecy always or gold bricks
do have their pitfalls, but there
has been no lack of suggestions
in Washington that the admim-
stration's figures were issued
with an eye on the imd-term
Congressional elections next
November. Even if that was not
the case the confusion in the
figures reflects prevailing un-
certainties in U.S. economic
manage menL

Tlie long struggle over the
1983 budget illustrates the

Men & Matters

ateriittg contraot is the
maricet’a ebadzman. Kedth
Sizrith, manai^iig director of
buHion broken and dealers

Defenders of the London gold
futures market, \rira have faced
a barrage of criticism about
quoting prices in sterling ratiier
than In dollars, hope for some
relief today.

mutii to demand tb explain bow
k wtQ work.

She 4s managing dkrector, at
the age of 38, of Fhzt Time

Mcoatta a^d <joii tod 6— a b^- cvem, of GoUen Square,
^ London, an agency which has

fioorlabed for the last eight

neto >^tih celebrates its tri-
centeoBzy next year.

A man who is strong-minded
enoiEgfa to go through business
life without having ids own aec-

dane Society of Socialist
Lta^era rose to tbe occarion
by quoting the widow fo
aaiotbnr gre et judge. Lord
Coke— ”He (s gone. Iha’Dk God
we fibril n ev er see his hke.”
To which tbe Haldane Society
years encmxragtog peopSe and tiboaght k appropriate to add a
bosses toko tiie soait of jot^ waspish xfder thri nb judge imd
spotting _arrangeineats that done more than Denning to

Soot tradlne In ihe actual &nith claims that it is Nbnnan Tebhk, the brMge the evs’-nairowing gap

Kyi 441 tiMV mo fi/t a hi n n t m it iwem §4m m to TI rmr 4w^ 1 jn

e^t or that“ro5Siom It

metal starts for the first time
and London’s gold bu^ look to
the tooovatitm to give the gold
market a useful riiove.

Since the market

far too early to judge whether meat semetery, now wants to between the law and Conser^

was

tiie liondw gold market is a
sttcoeta or not.

I sou^t fUFther enliritten-
meut. But no statement on the
success, ot otherwise, of the

see to
oflJees.

many factories and vative Party policy.

Perhaps we should not be
Part Thne Csreets setties sspijsed by sutii a view from
people into permanent part- such a qaaiter.
time jobs. Julia Udtodoe tells More surprising, bowever, is

Jfoiri f'mre? fi? thal^ nSinHii muld become infimteiy worse U been ‘ me that tt sera to be _j^ the almSKSS weJeome flS

sionai ngures lor tn c iro , congres-sional elections in *he first driiveries due ^ ^ market committee held one what many workers want judg- BaMane Sodsty gives to Den-

” November swing towards the mnnHi. ^ regolar meetings last tog the turnover of her own ning^ fflj- John

mu.. J J Ai. r u * Deniocrats. Public opinion so „ .. -«««« Friday. Indeed, the otiier five bustoess whirii has trebied in Donaldson: "We are not

lar appears to have stuck with . Meanwhile, more ttea dlrect<ws of tbe ftitures market the past year^-and whiefa is those who would con-

registered tte three succe^ive Reagan's economic pres- ounces of a^al ^id has -ai-g adopting a low profile and maimed by part-timers. demo bim merely because the

^_wt rom ment Neither ara Sh* pute gT»l wm pre^ rigbt^ goverammt

e need for past-time woriteos constdeos horn pobticaRy suit-
aoc^ permaaeitt enqdt^- Bible for ite po^ oor because
sot. Her Interviewers him of his presidency of that itreti

were do^ spending oa plant mem rate of ateo^lO?^ tint b«a jKllatog to recent weete now lo^es he- RtiatSoas

fi!? ™ could yet prove potent poUtical cause of the low toimovar. dewing banks have. pSlther, “ "We are optimistic

the issue of new building per- arcuments
mits also declined. ju g Congress,

Wnrrvino President may be expected

rrvrtjruifg j^is considerable powers

These may have been temper^ to keep to the path that he has
ary setbacks, and in any case so far trodden: to rely on tax

varied opinions about whi^ soeb __ uj,* - — . . _ —

grid hoarding in London means - , ® trading is cer* up to now, been among tiie most (bat be can cnat a efimate in

in tenas of intemational affaire. adding to the gai^ of enthusiastic supporters of job- winch may flouririi «jch novri

On the first day of the gold splitting — particularty for jiHisprudeuitial concepts as

the figures for June are stiU cuts to provide incentives to | ?“J!?“^eacii) ai^ it hrid tip at over «bn «“cur- SSLte %

Julia Mctodoe’fi criterion for tbe fact that Labour councils
Elsewhere to tbe City a btil- part-time employees is may have poKcies that differ

subject to revision. What j.s more business, even at the cost of over l.OOT lots a day for some prices.

worrying is that the Reagan ad- large deficits requiring heavy lately, however, it has

ministralion refused to tie itself federal borrowing and the failcn dramatK^ly to below 500
to forecasts for
its Mid-Session

speak of assumptions about returns remain high and a rise the holiday seasoiH^old turn- UMni' Ji^ce and vjsdom.

future growth and about the aU- is not excluded later this year, over feU to a mere 125 lots. ♦« ® A craprehenave brief ot

important budget deficits. Little relief is in prospect for Critilca of (he maUcet are ^ ** which Sit John, as a public

Compared with what has come an outside world eager to saying ftat this is because ifie 0 ^^ job. servant outside tbe political

from other* reputable sources, reduce its own interest rates, oontract as in sterii^ white ^ presuambly not take

such as the OECD and tbe Cton- but held back bv the fear of everyone else in the world- modeni vereion of a gold bndt
gressional Budget Office, these heavy capital outflows Into the incbiffi]i^ tiie Loodon bttiBlon
assumptions look d^idedJy dollar. brokera — trades gold la

sanguine. The review assumed Help will come only once the doUars.

that the deficit would fall from bud^t is under controL Since On tiie otfag hand supporters TWO ifl'tO OFI0

note.

Knives in
court

Physical Jerks

gliSbn to 1983 to $!>9bn Mr Reagan has set his face of tiie sterling ceattf a ct are ww.i« ^ ^

by 1^. The Budget Office against higher taxes that will, at arguing stron^y tb»t tiie per- fhe concert of ioh shar- at *

has forecast that deficits the very best, be a slow process, fonnance of the fiedritog tovfa^tSnSI™ J® ^ * ff^asiiim:

will remain in the S140bn to The contradictory budgetS- London gold market cS^te ^ ^

$16()bn range untU 1985. The mates from Washlngtoh are a judged until it is seen whether 2lh^b ^ rf

Review assumed economic worrying symptom of confusion the start of sfipt tiadiog vdU ssrung utMma lat^Iv tumre. Jfi law^SPf**? ^ Classes f«c Men.

growth of 4,5 per cent over the and a warning siteal to the rest revive toteresL ^ ^ lawyer «« sorry to see him

Observer

warning signal

next 18 months— itself a down- of the world.

_ J , , . , pared nation a warit ago Julia go.

The main defender of the M^doe has found herself The valedicChm of tbe SA>

J .

.1

THE HONGKONG
BANK GROUP

announces that
on and after

2nd August, 1982

the following annual rates
will ai^ly

Base Rate lli%

(PrevzoDslj 32%)

Deposit Rate (basic) $2%

(Previously 9%)

The Hongkong and Shanghai
Banking Corporatioh

The British Bank^
of the Middle East

Mercantile Bank limited

Antony Gibbs & Sons, Ltd.

Financial Times Monday Augost 2 1982

>Pe

LONG-TERM UNEMPLOYMENT

The search for remedies

LEN’GTHy SPEUS of unem- rn

pl<vment are estraordinarily **

dunasios* emerges uaam-
fnw die cold pnse
of tiie Manpower Services Com-
misslen study on the issue, and
provides an urgeot spur for the
ComiBUston to tahe rapid ameli-
oraCnre action.

Ihe study is the result of
ipnoe raind (and thorough) jn-
wstigstiotts by a group of offi-
cials within . the MSC who set
to work early this year. It is
now due to be considered by
the Commissioners as a
for policy options. £t$ analysis
<rf the gravity of the problem,
is summarised on today’s front
page. What follows are some
of the options it throws up:

2n renewing the possible
courses of action, the study
underscores the costs of eadi —
showing that, depressinaSy, the
most ^eetive from tite point
.of view of the long-tenn nnem-
2)ipyed (LTU) is both the most
-costly and the most productive
of inefficiencies in companies

and possible tensions between tolerate the levels of job sul^
the employed and the unem- stitutlon inevitably involved,
ployed. Within the limits of prae-

The anaiors stress at several ggljji ff ?«

<tf. the depu. of tte xtfoblem ami employahili& of toe LTlfsi

^ stimulate more

rapid sue»Tir to toe affected opportunities for en^iloyment.

^ R»etice. the poll? options
Ihe evident of the last 20 to adopted, and toose already
years suggests that long-tern in place (indudiag toe job-
unemployed peo^e would be q>iitting and expanded
the last to benefit an finding community programme an-
new jobs.” - ^ * -

By John Lloyd, Labour Editor

3M

The UK Economy

Get those interest
rates down further

By Samuel Biittan

sidy of jobs or recruitment -*■ YY AX A CAA l^AAWA

wUeh vr(^d have arisen any-

way—was around 70 per cent Tlv Qjumiii*! ‘Rritton

In £act thfi^stttdy notes thirt oamuCl cnttan

h 2!SS!!H iS* "Wit were done when ’(is done, obviously going to be disturb- By then toe economy msf aJ-
the» ««» i“S- Thus toetotal annual rise ready be recovering --2beit

quickly.'* of Money GDP kooks like being from a very depressed base—

-mebeth well under me 10 per cent in?- and, Sa- aH die tali alnwt ,

ANYTHING can be mis- pUcit in the Medium Term ” sound money,” we lili be bai^ >
understbodl, it will be nusunde^ Financial Strategy. If technical with toe odd practice of “too
stood.” truth of this was monetarists prefer to make the imufii too late” or ”too little too
demonstrated when same point by observing that late.”

mcoSS Splo^Tto I su^ested a stimulus toe monet^ aggregates ^ at The case against fine-tuning .

oppoStiS to SfStiww wage ^ ^ JJ' is that against overambitious

setSmSsr uwawnaiy wage ^ ChanceUors range, there is no ^nd oveiwcise objectives. It

iSrStingly. one possiWlitr - now. is not an argument against .

mooted in the study h« already ®“***!*u There are always more acting as soon as sufficient ,

been adopted— much to everv- lr“ pow to be xnan insa- reasons for a policy proposal evidence of being off-course has

one’s suroriso-bv the Govern- ttoo^rytoao it is,_sei^ on^^ than its formal justification, accumulated; it certainly does i

1973 '74 '75 ‘78 ' 77 *78 '79 '80 '81 *82 '83 ‘84 '85 '86 '87 '88 '89 '90

nounced last we^ will be a

It is a further measure of ajj, of aH three,
toe depth of the Qisis that the Mafiu-aitifiip efforts will, tfie
•next most effective sohitioD cai^ study mafcf^ clear, be difficult —
vassed in the paper is immedi- npf least because staff numbers
aiely rejected because toe costs is Jobcentres and throughout
of all kinds are assumed to be [jie general pt*<*«ng serrioe are
prohibitive. 'Ibe remedy^^itoieh to be cut by 350 in the next
may yet enter the debate in two years, and' will be cut by
some for re -' io given toe name tne s*"ia number again u»der
of an “ employment guarantee ” proposals advanced by Sir
which would be “a system Dei^ Rayner approved by
whercb}’ anyone out of work for the Goveniment
a given period became entitled Fuxtoer, iit says, " once regis-
to take up a tmpora^ work tratioa becomes voluntary in
Of training opportunity pro- the autumn, this task will
vided. or at least supp<»ted, by become more difficult.” Most
the Government . . . similar to fundamental, however, ia toe
that presently offered to young fact that a placing service which
. people under the Youth C^por^. ** targets in ” on the LTGs gets

tun'.ties Programme.'

jobs for them which ” are for

But the costs are huge, toe most part placings achieved
Assuming a 75 per cent take-up ... at the expense of other
Ts$e: the net costs approach jobseekers.”
flbn (£2.7bn gross), exetodang hn^oving toe competitiveness
administration, ejection and <ff the LTDs depends upon
superrision costs. The hngenes.s expand in g txmntog, work pre-
<rf the programme would stretch iiaratioii, rehaWitaiwn •and
organisation to breaking point, adult education schemes. Here,
employers would he unHcely to the study propo^ more pla^
respond az^ onions would not a* Skillcenttes (£lm buys 540

such places) more extensive use
of enjoyment rehabilitation
cettores (but they have a low
success rate] and an increase
in the scope of adult education
courses (but these are b^ng
cut badtj.

The biggest ”but” of 4dl in
this area is that traizung of any
Itind Is seen es valnable mtiy
insofar os it has an ^tojeet— toat
1^ a jrt). An onskilled or semi-
sl^ed worker has little incen-
tive to become altilled cf he or
toe rmnains on. the dole guene.
As toe sto^ puts it, the pro-
jects raise toe issue of “ toe
questionable value <rf expendi-
ture on courses Mdtich for toe
substantial majority would not
lead directly to a job.”

New opportimities for LTUs
■are seen by the stu^ as the
most positive areas, smee these
actually increase jobs. It notes
jhat toe Community Enterprise
scheme, now expanded from
30,000 places to 130.000 places
and renamed toe Cmnmnnity
Pn^Tamzae Scheme, has been a
success, albeit severely limited
in numbers.

Yet such work as has been
deemed suitable — ^toat is. which
does not enter into toe touchy
area of job substitution — is iMt
in infinite snpply. ” There are
some indications.” says the
study, "that in some parts of
toe countiy the expansion of
special programmes has severely
depleted the supply of some
types of work->-suto as znalzr-
tabling old people’s gardens.”

This lea^ it to suggest a
potentially radical change— that
is, to put the LTUs to work on

Grahtm Lm/v

mudi grader projects, such aa
toe rehtoilitation of inner dtiea
— whito could take work away
frmn pec^le already in employ-
znenL The riels, as it says, of
’‘undertaking wotk timr would
have bean done anyway” be-
emne greate r bu t the question
it poses is when will it be
necessary to face such a risk?

The firmert recommendation
Is for a ^neral employment
subsidy, modelled on toe Adult
Emjfioyment Subsidy operated
on an experimental barns in
1978-79. Professor Richard
Layazd of the London School of
Economies ^ proposed such a
measure, paying a subsidy oi.
£70 per worker for a year to
companies taking on LTTA

The study says that level of
subsidy is too high, and the time
period too short. It proposes
iztstead a subsidy of £45 for a
worker unemployed between six
and 12 months- and of £60 a
week for one unemployed over
a year. These would be paid
at the full rate for zUne znonths,
and at half rate for a further
nine m/mths . “Such sebsidies,
if introduced in the coming
year, would extend to toe point
by when it might reasonably be
expected that an increased level
of economic activity would
result in more subsidised
wortcers retaizung employment
than would be toe case if the
subsidy expired after one year
or less.”

The net money eoste of sudi
a srtieme are reckoned to be
around £lm per 400 jobs— •
assuming that toe " dead-
weight ” effect— -that is, the sub-

(two iofas for less than the nrifiA Times,” one of the “ old Tories ” inflation is 7 to 9 per cent and toe annual Bu^t, because of

of on^ as toe GovernmS ifl Cabinet m beard to say. falling — than it might be on a dislike of znid-year packages '

billed k) is commended as ^ ® other occasions. (to name only respectable

Increasing “the numbere per cent of the tizne, motives),

engaged in paid employment P* ^ xestae- The chance of early fiscal \

white having a nentral effect .. vi.--.. tog employment lies to reSniiiict action has been lost The need,

on job costs.® The study notes, ^r. . tog profit ma^tos asoA znakhig therefore, is to act more

however, that the sdheme may l^fi labour maskeits 'more competi- promptly on the Government’s -
be attractive only to those on monetarists wno ^ueve ^ preferred interest rate firont

lower rates of benefit, such as stomim present feels, however, like The recent relatively rapid drop

stogie people and married one of toe excepti<»is. Action of short-term rates still leaves

women. .u * to boost znonetary denand may base rates only J per cent below

The finti few paragraphs may iMve an unusual impoztance the level of a year ago, while

ultiznatoly prove^toe^ zn^ ^ would preventing toe scrapping inflation is several percentage '

important. Caikioiisly rfnaseiL v sound. of pl^ and the canceHaiCbai of points down.

they presage an^Sr^to to ovIS,okS^^ae“S ** “ interest rate policy Is to '

unemployment, both long- and frJlJt S o^mntaiy to tabour mar- bg ^ain weapon fw mato-

shozt-term, of a much more « ‘j. «(xatecv for ^ teadets tainizig znonetazy demand, rates

comprehensive native than has monetarv demand— and thus SF® feeitog deprea^ jtfter a need to come down much .
been attempted by any govern- gtimS^ Sr Mon^GDI^-to and faster than pre-

merR, azKl which has so far only gg different from toe conven- ^ d^de of fialltog viou^ envisaged, with some

been toe stuff of futuristic “ontil MsSw^^ttemotsT^^ proatabihts^ and om can see studied neglect of the exchange :
works on toe year 2000 d'^aSd^^ toVlk^ bef ye o ne^ i«t>^ rate consequences. (There is ;

The last paragraph says: ” If from cheese Newetyle demand ^ equM^rum. em^doy- go danger of complete neglect, i

... the present problem does manaOTent hS^o * wo^e because any inflationary conse- ,

turn out to be indicative of a (a)^t the division of qureces of depreciation are
more lasting diange in the increase in Money GDP betweS £J*J*®*“ * ra^pectaWe iiame in toe price component

structure of the labour market « real " and “ inflationary »• tor «. of Bioney GDP.)

there may be mo re radical components is outside direct ^ *to fiscal stomihis were ever one reason for excessive ■
options to be pursued, most of goverzunent influence, and (b) to be given ait oQl, and toe caution here has been the *
which wotrid invoive either that the possibiUiy of “ stimulat- Chanc^ar stock to Kb objec- Bank's desire for a stately pace
reducing the supply U labour or izig demand ” safely only arises tive of steadily reducing the of motion. Paradoxically while '
sharing out toe available vmrk when the growto of expenditure public borrowing peicmitBge, the Bank’s economists ^bllsh |
more evenly. Such options in money terms has slowed on® miglrt re^ieot bereic vhetue calculations exaggerating the ■
woKd tKce tizne to develt^ and down to a level compatible with »d hope for toe best But the overvaluation of steriiog. its '
it may not be too soon to stzut counter-iziflationary objectives bketibood is titatt tiiere vdilll be decision-making side dislikes
dtoei^sing their iznplieations (in practice, near single & major stumtius by toe spring, almost any visible movement of ‘

flow" figures). th effective sterling rate In any

T5» “opHioos*' OR ody Sir Geoffrey Howe at least ' direction. On the political side,

touched on— job g>iawT»g and realised, what was proposed; but there Is a dislike of lowering

part-time job release are saying that Money GDP told MONEY GROWTH interest rates too far in case |
regarded as starting points us mainly “about what has they have to be raised late>- '

only Early retirement, reduced happened in the past,” he M»- to Juno rather like stifling in a warm

working time and mmto raore “iased the point of my sugges- % coat because in winter it will get

Job sharing are brou^t into toe *ton. That was based on a view (annialbed) cold. |

arena. To none of these latter — right or wrong — of toe There is a strong case for get-

projects has the Goveniment present and future. The Oban- Ml ^7 (72) ting a move on-^nd also con- •

shown itself sympathetic: but cellor’s own forecast of retail £H3 9A (145) firming that the National |

then, it was not initially sym- price inflation in 1982 is 7( per PSL2 9.1 (11>9) Insurance Surcharge is defi- 1

pathetic to any intervention in cent The “GDP deflator” TargM range 3 to 12 nitely down from Si per cent ;

the job mairfcet Circumstanoe — normally rises l«r less — let us ps™,** i„ hnckPtx refer » n ^ which employers

much of It cruel, as this study put it at 6 or 7 per cent Cutout v,j, »» paying— and that {

points out-hag dictated othe^ itself is hardly rising at aU — ^ the rise to 2i per cent officially I

wise. and tomorrow's CSI survey is m • due in 1983 has been cancelled. i

to effective sterling rate In any '
— " - direction. On the political side, j
there Is a dislike of lowering i
’H interest rates too far in case
they have to he raised later^
rather like stifling in a warm |
coat because in winter it will get ;
cold. I

^ There is a strong case for get-
(92) tiQg a move on-^nd also con- •
(145) firming that the National |
(11.9) Insurance Surcharge is defi- 1
nitely down from Si per cent

I9S-

p«i ni?”

»i » *

Letters to the Editor

The need for Tebbit’s Law’

Profits at British Gas

From Mr Marais Fox, to stand unused .in sidmgs From Mr W. G. Jewers. accoimte.

Gonserratice MP for Shxoley because ft insists on having Managing Director, Fmanee, T^ Ration is fuHy expired

■■n.eSera.ra^.o^ S^te... ^

mcree .on July 13. inn^ mauc nature of toe toange in ^ jiHy 28. so rince 1975-76. This cost Is

attempts to refute the Secr^ employment resulting from ^ curreat

Holding back toe economy and landing of toe damage to our ^ost. of assets and

wmbere^hf^ealed toe J “Sd

-s: tj: " "

Government of discouraging smith's.

tove^itt to our hom^asrf ,j,^ ^ Smith would

i ”?,n merely export our jobs to toose

entirdy_ for-. , our lack-lustre amniQvees who do

eeonnitoe performance. JSSL

The difficBlty in challettging .

him atiisei. solely from the

after izicurriog an increase <m earlier to your

*• the cost of the gas levy of paper. In our view the iuu«on

To follow Mr Smith would £266 dx. of historic cost profits has no

merely export our jobs to those g «« Biitito Gae has dismaBy place in responsible amount-

countries' employees who do faUed to meet its offleia] target iog.

accept the dianges. of per cexit current cost re- Lex himself describes profits

What is reassuring is that turn in respect <ff toe year to based on historic cost used by

i_ — i s(i tan ai4 minwianint”

\ { P mSrtTJSto-rf^^^HoteewhiS not only are there great uareh 1982.” Tern enlightened

) I I prore numbere of moderate union Lex should know that toe than Britoh Gas as completriy

^ * tos^ve^aig ^ea*® _ aoo prore aAn«f<t«rahie •:« n»t «»f ma vaai- till* false." This IS eacouragtog.

jii-iimuiira Ms» sfui nmve numners ot mooeraie umou i,ex snouici saiow mat me u*«u -a

to it^ffiSrS members with considerable isnget is not for one year but false.” This is eacouragtog.
re dOT t?tte SSoon sense but we have a S^tbe toree years to Mareh

SiidLSir* Hew”*does Mr Minister who is willing to 1983. As toown in toe accoirots, on to quote toe completely

th» leaders contemplate giving them toe retain ariueved fur toe first false

to the greater oiqiortunities to ballot two yeare of toe target p«iod £1.3bo for Briti* Ga& To -

T^fe^^2iwoiS^%irir onmatteiS^toito^directly affect » Ha^ 1982 was in fact 3i «r^ at this

toe vUbility and productivity per cent b»<* the current cost adjurt-,

SoTS of their jobs. In any event, gearing adjustment meats set out in Note 2 to toe |

M reeStofftom giving taions back to ftelr would have boosted profits by raunts but throws in as^lj

* members must ensure greater £87m.” replacement expenditure

ta^iay^ izrvestoent^ xt «ie tmuble to referred to earlier and toe Gas

And how does he aplain to democra^.

■ the iaxpayeig the idiocy of toe Marcus

NUR fimdng some , of tim most House of Commons,

ttchoologiealljwdranced ’ trains SWl. '

iim^nn bistagrs sermon m me otb j

^rflUKlaDflS sonce eereslsofourcoaatzy.

o* C* PsniPfi M.F.S(^er.

•at rams ^ Gcrdera, SW7

Prom Mf M. r. SoBri* .

. Sr,— The F^dal Tim«
took a commoii^eiise and vievre OH nmanon

'‘rbasoned attitude to the Fafit
Utiite -crisis, zeflected hi HCCOuIlung.

• (niaJityofyDUf ^ Ftxm Mr Chrixtop^ Morgan,

nai.. .... _ , inst^xde oj Chartered

e Accountants in ErtgUmd and

^ m»m -..A - - A •WmAa*S ... . .

democracy. If Lex takes toe trouble to referred to earlier and toe Gas

Marcus Fox. read toe SSAP 16 Standard he Le^ which is cleariy a charge

House of Commons, wiB see that Paragraph 51 agawt profits.

S\fi rieariy states toat taldzig ze- W. G, Jeww,

’ • ' — count of the capatal scnicture Rivemtul Bouse,

^ ^ of nationafised industries a 1S2, Grosvenor Road. SWl.

bitoqg’s sermon ta y tni4 in- adjustment is not tfiX WRITS: if Mr j«w«n «-

tpMisrfourcooatzy. SSwriate. ptened h& poHclm » unanTb/gimisiy

VW7 4— “BrirtSsh Gas is also deep in hb aceoun^ he ^ in his

•4, Et?e4iii Gerdens, SW7 into toe policy of double vniie letter, he might not lay him^

~ open to a uppo s edly i ir e9ponswle

Vievre on niflation This is wholly uirtnie and it dorges. Merewhile, ft rOTakw

v iews wu aatiMu ^ serious that such a false and the «se ttet the vait majorftjr nf

BCCOmlting irrrepoosible accusation toould companies wouM have reported

r^ ia^fnoMmhnrMoraan. made agalMt the integrity prrtax proBti

prise « sizeable, Intelligent If we accountants do not
minority. acknowledge toat similar ad-

• *p «****vv nw tnm tmTv. OvShUUWlCMgC UJAb aw-

tiutt jou .iSid Wal68 . jj- Goldsmith refers to two justments to historical cost

oftoe Sir. — Your wrrewdent arguments against CCA profits are necessary to give a

baty^ serBon at Ur c, c. Goldsmith (July 27) ipj^g concerns subjectivity toir view of toe results of openi-

IfUiidd sernee i» R Psni^ on jj ri^t in pointing out ^ many of yom- tlons, it is unreasonable to

" hfcui ’ ^ a y lypf. - *Viv^a nTOahlA' mfrmritv aiuons 1 .awa mnlntA.1 •eenwia that tha PpTramiA XVftl

• — — t m suppuii u*c *wsj**»»<* from ODjCCtive, OUT II nas aujusuaeuia awa- v*uwuuu */u*-

- ;lp:- Jtis eermen Knecnea- resolution is comprised ^ acknowledged that CCA poses.

V Views a^ffop ri ate to • aaptn mj at "backwoodsmen" (a ppggg gogio additional prob- Those who have exhorted the
■ ' a&d- -cMUsmi' ' nation. ' t icWM goodlessly derogatory desenp- lems for arising from Accounting Standards Commit-

Wifito"ti6xioa>nd.toe men wno anyway), but of people the impact on costs of techno- tee to consign SSAP 16 to the
' * - Kkro Mves in tbe camr jiare ^ven considerable change. dustbin can at least be assured

•'RtigB. -• • - . . toought to toe. theoiy and j|j. Qoldsmith’s second point that their own lettera on the

' .^V nmde to SK of Ijiflation concerns the laiA of acceptance subject will not undergo a

-V Ntiiisin . *1180*1*® iff -ing. by the Inland Revenue of cur- similar fete. The many views

: flibrion ;** wnphe a se minority itself includes rent cost profit as a basis for expressed In hundreds of let-

l^ltRfEdiiUe feet tiot to 0Mmw ^rito views ranging from This point has cer^ ters to toe Institute in recent

'^.^..ite eepsoinfe.wcaMtrati^i^to .|n,iytaff support for toe Sandi- tainly been a feature of many werics will be duly noted for

watM7 ntidit, toe greater toe ' <tca ~ system (without lettezs on the subject, particu- toe future. It is a pity that

natson^ttiUJEe ^ gearing adjust- from Industry. It must many of them were based on

■rv'-te . fito’ ®™ffrS2 znents) to unflinching belief in not be forgotten, bowever, that supposition rather than three

■£• I and-lfca ChristitB etote.. ” *i.i nm gye iam There are also the Revenue already makes years of experience,

da DO barm- to tile ratiier 'WO .rt»M-vbo to have dis- generous allowance for toe Ouistopher Morgan.

- r -ittiito ■ .poWleianr wte navy 0^^ secret of fusion effects of inflation by pennit- Technical Director/ Streeter of

i. "initiiW to make pdBttwl hatwem CCA and CPP. ting 100 per cent first-year tax Accounting Standards.

/.. ta.eiBt of tiia ww-wfto niOT ... sroups. in their allowances and throu^ stock Chartered Accountants Eali,

- ^ °°°- ■ ifooniate Pte«, BC2.

r'l'

— ^ .

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(Ibito fle PiDOery Reixri Tteuiite ly Fedeiti law and read it
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^ 5 S a I I mmmm ■* / - ..

i-lrr

Finajaci^

GniiMAies and Markets

UK COMPANY NEWS

• JtibB^BSsemaab^itiBdia'
lJ»StaekEi«ti9lR39.ltisnataai —

■■st^saajriAs.

TflmtPriTI Ttae.year to March 31. 1982.

UUtA 1, W mu ^ tumrouBd for J. & J. Dyson

With no tax charge again, the fivm a pretax loss of £490^27 to

J. & J. Dyson
£ 0 . 82 m uptiim

Watsham’s
nears £lm
and steps

Sharp setback
for Kleen-E-Ze

Pre-tax profits at Kleen-E-Ze The directors of this holding

attributable loss ot Messltt a profit of ££19.430, on
Holdings came through sU^Uy tumoTer only slightly iac
lower at £248,371 for the six £rom £34.44m to £M.9Sm.
months ended April 30 1982, . as

agaimt£27^, , .

mu * « 1. oi .n»o - IITI rllViHPnfl Pre-tax profits at Kleeii-E-Ze The directors of this ho

The. year to March 31, 1982. ^Jr UItIUCUU to March 31 19S2 company, whose inb

watumrouodforJ.&J.Dyson DQ^I^O MECTINGS draooed sharply from 090,837 include the maoufactun

am a pre4ax loss of £480,317 to ■n.awin.infin HimaM»i8s»wva notiflad '*^®****^ * to 07 487 on turnover up energy^savzng devices, br

profit of ££19.430, on group Ta from ^^72 /ig.87^ „ £ll^m. and cleaning products, say

moTer only slightly increased Exchange. Such meBimgs ere ueuaHy year to Harcn ai it^. on ipru hoard Is recommending a ailthough there is no s

ItU T lUVUU to March 31 19S2 company, whose interests

droooed ‘sharply from 090.837 include the manufacture of
Wa^am s ItfWpr^tax PP turnover up energy^savzng devices, brushes

.. „g^ . . -ggojn, ore iirlerim or «n«» «na tne

Loss per 5p share is given as divisions shovm below «e

S.7p, compared with 6.4p, and men^, laism? the wont for „ \ggn „aT'a wnetirtrte,

again there is no interim dlvi- the 12 snonths from 2.5p to 4p. TOP*V ..

dend — last payment was a 0.42p Pre-tax profits at mideray,
net final for 1979/SO.

net final for 1979/SO. wheii the company vi'as confident Finale— Cny Boenvnres, HiPirda. Eamings per SDare are

Tiirnoyer of this machine tool maintaining the progress made Kiihrda. Oweo md nobwson. Regional iiigber at 26.8p (2l.2p).
distributor increased slightly jq ^he first half, were ahead at P™pert«. The group, which m

from £1.96m to £2.09m for the £304.000 (£232.000). intwiins-

h«M lor'die purpose rtcoft*d«we over expanded from th^tevio^ . . of 1.50 per recovery in demand they are

oiaiirtjf on last «"•»««< Share, up from last year's 825p. profit slipped to At midway, pre-tax profits

,«.rtn»-N«,KSSf M-,.—* ,, '“I”/..** ^ £377,018 (f4S5.4121. whfle MDUPlPd to £63,639 (f2W,m).

SundMi TateBiione «d CsblBs. .j. Interest charges, incurred There was an extraordinuv

^Earnings per ^^are stated . . coonectioo with an debit for the year of £165,000

Pretax profits at midway, Ip ahead at Up.

year’s £3Alm to fS.19m. The

board is recommending a net ^ ware

final dividend of 7.26p per 25p

share, up from last year's 8.2Sp. t— H tnc

leaving the payout for the year £5^5^^

p aneaa at iip. interest charges, incurred There was an extraonunaiy

Epnings per ^^^are stated Plainly In cooDectioQ with an debit for the year of £165,000

igber at 26.8p (3i-p>. iovestment programme on the (nil) related to Stockport-based

The group, which company's Bristol site, rose to Frederick Coxsoo & Sons, which

half-year.

tures and supplies speaa li^d £3=0 (•£274,575). Tax took was forced to close after a sharp

produm in -me optlcm, inro^ £55.610 f£40il74). decline in orders.

£304.000 (£232.000). inwrims- ^ j.. JT s- + 1 ,- £359.551 fE74,57

Earnings per share are stated Automotive Ptwh/ett ^atff 13 produ^ in roe optlcm, innro {£40J)74).

5. fren la,, yaar-a SSSS ~

“'toiip tradips prefi. »aa - ^ ■“

me?S7 ^399 TB cxy m IcnSon T<uw A>g_« ran,. t«

(£840.191) and tax credits

amounted to £340,018 (£859.347). manufaebure of v^iicle trailers,

(incoiDoiBted m EnESBadtndarthB wngiMssAGiSjoSioisot.-
• RebktindNe.1634a2&

Audiorieed

£750,000

SHARE CAPHAL :

in Sh^ of'^ each'

lauadfaid

-fitifyiM

'^£n^oo

All the fs aifici share capital of Bersdln Holding f^Cfasm Bam
admitted to the Officiai Usl by the CouRdt-of'nie;Stock
Exchange.

Paitfculais relating to-Befadrh Holdingg PLC areaviaiiab^
the Extel Statistieai Services and copie^the partieularsn»y •
he obtained during usual biisin^ flours -{SatUVdSVS
excited) up til and inducing 16th Augi^ l^ftnnu-

deZoete&Bevada-
25 Rnsbury Circus*'/

Ejondon* EC2M TEE.

SHARE STAKES

Tax for the year came to
£288,742 ;(£240.619), minority

interests totted £31,677

came to | Service — Mr Trevor purchased 75,000 ordiirary

minority Edwin Chinn, a directDr, hoc shares increasing hos bolding
£31,677 disposed of 105,000 ordinary to 975,200 shares.

Interim advance
to R3.25m at

Cadbury (SA) ™pm.ted « awflis apd^ «ctn.ortiPETT ^SSrTpdSdnV'ii'hpIiirti "Th, Burto. Oropp-Mr nay-

Cadbuiy Schweppes (South SpS «f debits reached £253,614 1.423.465 shares. He- has alsu. in mnnd M. Burt^ a dir^or, has

Africa) rg,arB intari™ pretar

(S”6Sa)':'SS manufa^rc Pf A« arSi5,3S"(-S;iSm).- The

pared with R3.1lm matenals. tiie sale of mottr ojjjnw ddnts of £231,813 ertroordinary items ^ relate bolding to L538.465 shares. Also.

Turnover increased to R31.1m vehicles and suppUes. and the (£469,858). mainly to the final adjustment in respect of a charitable trust,

'(R34.06m). profits after tax were tn the nroceeds from the sale to

MEMEC (Meroory and Elec-
tric CDmponents)~Ur E. A. L

MPs back Johnsons in
opposing Sunlight offer

R2.1Sm (R2.04m) and eartnngs
per share were 43.1 cents (40.2
cents).

The directors have declared
an interim dividend of 13.5 cents
(12.5 cents) per share.

Airoongh turnover staovired ■•■■■■■■.-«■ ssen l ^ssBiai^sBa. ■

satisfactory srowth, very com- VppViSlIA^ k^UAAU^Ut' VJJ-WX-

potitive market conditions and _ ^

increased costs resulted in only m?s ON North Merseyside are Johnsons saw Merseyside lips at
a modest increase in operating lending support to the campaign the House of Commons before
profit, Mr C. Ciiliers, the chair- of opposition to the £31m take- Parliament rose for the recess,
man. says. over bid by Sonlight Services. Mr Alan Roberts (Labour,

** We expect that profit for the the London laundry company, Bootle) had already pledged his
second hiUf of the year will for the BooUe-based Johnsons supped while Mrs Shirley
exceed that for the equivalent Group Cleaners, one of the Williams, the Alliance Member
period in 1981. However, tiie largest dry-cleaning companies for neighbouring Crosby, has

extent of the increase will be in Europe. written to the Trade Secretary. --„"isition of PR New

largely determined by our - ' v—a,. i acquisition ot rit ivew

mainly to the final adjustment |q respect of a charitable tiuot. Stunner, a liirecMff, has sold
to the proceeds from the sale to bae disposed of 20,009 ordinaay 250.000 ordinary shares. Mr
Uawker Siddeley Power Engi- slmres reducing bolding to R. T. SkapworTO. a duvetor,
neerlng in 1977 of the company’s 67,537 diares. has soM 200,000 ordinary shares,

electrical transmission activities. Brawn and Jackson — Mr Trustees of the Ellis Settlement
Pre-tax profits on a current m. B. MraaL a director, has have sold 200,000. ordinary
cost basis come through at acquired 26.866 ordinary shares shares. Mrs C. M. Skipworth has
£853.863 (£630.729). iscrresing his holding to 43,998 sold 25.000 ordinary ^ares.

shares Geoeinl Electric Co— Shares

• Rl£ and Northern— Mr N. C. J. interests of Sir Kenneth Bond,

S flCfllllSltiOn Kotbsehild acquired beneficial a director, have been reduced by
mKje interest in 530,000 warrajits to 29,486 ordinary shares following

1 TT— subscribe for ordinary shares of sale on July 27 of 10.5S6 shara

company on July 30. Ur D. C. S. in which be bad a beneficial
Montagu purchased 100.000 family) interest and 18.900
warrants to subscribe for ordm- shares in ulirclh be had a noih
ary shares of company on July beneficial interesL

by United
Newspapers

Newspapers bas } %•

for the

Ashdown Investment Trost—
Brothers Biseoimt — Sun Life Assurance Society

acquisition of PR Newswire Asso- The Prudential Corporation, as a held 6M.OOO ordinary «.254

The workforce at the Bootle ^rd Cqckfield. ^ elation Inc. (PRN). a U.S. agency rttult of recent sales, no longer per cent) at July 26,

ability to maintain the growth headquarters launched the cam- inquiry into the bid.

in turnover against the back- paign, claiming the 200 jobs Mr David Alton (L>ber^, Edge i-fonnatioij to medii Invest-

ground of a sluggish economy, there could go in an area %vith Hill), has alM called for an . community add public

and Yyy our ability to maintain an unemployment rate of 20 per mquiry. and Johnsons diTMtors —(.tions outlets,

margins in a period when most cent 'and overall 1,(KW jobs have wntten to the Prime _ contracts were exchanged

which distributes news and have a notifiable isterest in the
information to medix Invest- ordinary shares.

est in the N5.S Newsagents — Cleric^
Medical and General Life
Assurance Assurance Society interest now

Tnts advertisement is issueef in compliance with the requirements of the
CouncHafThe Stock Exchange, k does not constitute an invitation to the
pubUctosubscriSeforortoixjrchaseanyshares.

Meyer International plc

{Incorporated h England underthe Companies Acts 194Sto 1931}

Share Capital

Authorised ' Issuadandtobe

issued fully paid

£30,000,000 Ordinary Shares of 25p each £24,098,997

ment community add public Standard Life Assurance Assurance Society interest now
relations outlets. Company— Qtandaird Life Pen- stands at 1.377,500 ordinary

The contracts were exchanged sion Funds have punbased (5.4 per cent). _

... .. — — »»_! — 120,000 ordinary shares inereae- Raebnrn Investment Must—

iog roeir holding to 1,625.785 Standard I^fe Pension Funds
PRN as a fuiiy-Qvmed subsldian* shares (6.0S4 per cent) in notw Iwld 1.625.7S5 shares (5.084
I for more than 10 years. United reaped of Back of Scotland per cent).

Newrspapers will pay $9.5m for (StanKfel. London nominees TSW-TeIevlsic« South-West—
PRN, approximately one quarter 1.0S3.785 shares and Bank of Pbicom Ltd sold 2.020.000 shares
from existing group cash Scotland (Stanbos) Pension (9.6 per cent) on July 29. 1982.
resources and threequarters Funds commees 545.000 shares. Mr H. E. Turner, a direetor of
from borrowings. Belbaven Brewery Group— Idr TSW purchased 20,000 shares on

PRN. fonned in 1954. had pre- John BeriUey. a direetor, has July 29.
tax profits of 82Am for 1981. Net
tanjdble assets at the year end
amounted to 80.2m.

This advertisemettC Is issued in cempHenai tuith the reoulremea^.
of The Stock Exchange. ' Mo shares, otter tten those in eon--
nectfon with the rights issue, details of which are set out in tte
Extel PorUculars Card, are now teing issued but oppiiewon
ter teen made for grant of- permission to deal in x/io (Unlisted
Securities Market on The Stock Exchange in the ordinary sberes.
It Is emphasised that no application has been mode for these
securities to te-odinftted to fisting.

Berkeley Exploration
and Production PLC

(Registered in London number. 1448241)

SHARE CAPITAL

‘The details below have been drawn up on the assumptioo_that
the requisite ordinary resolution is passed at the Extraordinary
General Meeting,.and the rights issue is made.

Authorised:

71400,000 ordinary shares of £1 eadi ^jmMKn

Issued and fully p^: — — « «-«.

9,93(M)00 oRliri^ shares of 0 each . £9,990/100 -

Particuiars of the above securities are circulated in the Extel
Unlisted Securities Market Service and copies may be c^tained
during normal business hours up to and including 26th August,
1982 from:

and

Heniy Ansbacher & Co. Limited, Hoare Govett Limited,

One Noble Street, The Stock Exchange,

LONDON EC2V 7JH LONDON EC2N IHA

FT Share
Mormation

been added to the
Infomiatiaa Service:—

Public Works Loan Board rates

Effective July 28
Quota loans lapaid
at

Non.quota loans A' npaid
at

Over ^ np to 7.

Argyle Trust (Section: Tnists. over 7. up to g

Following the merger of Montague L Meyer PLC and
International Umber PLC, the Council of The Stock Exchange
has admitted the whole of the Ordinary share capital of
Meyer Internationa! PLC, the new holding company, to the
Official List

Particulars of the company and of the Ordinary share
capital are available in the Extel Statistical Services and copies
may be obtained during normal business hours up to and
including 16th August 1982 from:

Hambros Bank Limited Hill Samuel & Co, Umited

41 Bishopsgate, 100 Wood Street

London EC2P 2AA. London EC2P 2AJ.

de Zoete S- Sevan Cazenove & Co,

25 Finsbury Circus, 12TokenhouseYard,

London EC2M 7EE. London EC2R 7AN,

Finance, land).

Baintow Eves (Property).

Druck Holding (Ellectricals).
IKfles 33 (Electricals).

Oriflame iDternational SA (In-
dustrials).

Radio City (Sonnd of Mersey-
side) (Leisure).

Raddle (G.) (Beers).

REFRESHMENT

Thx paid by Sbefflrild Refresh-
meat Booses for the yw to
Uareb 31. 1982, totalled

Over R. up to 9

Over 9. ap (o 10 ...
Over 10, op to 15...
Over IS, np to 35...

byBPt

Ag

meturltyS

byElPt

IM

meturiltrii

121

12|

131

131

131

Ui

12^

12}

13f

13)

14

121

12f

X2i

13{

13f

14

121

12|

13

13f

131

14

12^

Vtl

13)

m

13)

14

12|

13|

13)

13{

13)

14

13

13)

13}

13)

14

13)

13)

ISj

181

13)

13)

- 13)

13J

131

13}

13!

13)

13)

*Non.qiiota loans B are 1 per cent higher in each case than
DOQrquota loans A. t Equal insUlmeots of principal, t Repayment
by half-yearly annuity (fixed equal half-yearly payments to include
principal and interest). { With half-yearly payments of interest only.

PENDING DIVIDENDS

EDINBURGH EXEMPT FUNDS

30.7.82

30.7.82

Bid

Offer

AMERICAN FUND

62.SP

65.5p

JAPAN FUND

24S.DP

239;lp

PACIFIC FUND

96.1p

100.2P

I EDENBURGU F0ND BiANAGERS LIMITED

4 Uelville CrescenL Edinburgh EH4

7JB. Tel:

031-226 4931

RECENT ISSUES

Uareb 31, 1982, totalled Dates when some of roe more important company fividend

£124^86 (£123.813), and pre-tax statements may be expected in the next few weeks are given in the
profits on a CCA basis were ft^lowing table. The dates shows are those of last year’s announce-
£210,241 (£206.515). Tiese meats except where the fortheomiog board meetings (indicated

figiim currec t those given in tiius*} have been officially notified. Dividends to be declared

EQUITIES

roe edition of July 21.

MANNIN DIAMOND

INVESTMENTS

LIMITED

Bid: 390 Offer: 350
Tel: 0624 822091
Telex: 628032 UANNJN G

will not necessarily be at tbe amounts in the column headed
” Anoouncemeot last year."

This advertuemazt con^Ues wUh the requirements of the Cototdl of The Stod: ExUiange.

U.S. $50,000,000

Sonthem California Edison
Finance Company N.Y.

(Jbicorporated with limited liability in the Netherlands AntiUes')

12V2% Convertible Subordinated Debentures Due 1997

Convertible into Common Stock of and guaranteed on a subordinated basis
as to payment of pn'ncipaL premium, if any, and interest by

Southern Califoniia Edison Company

(htcorporated in Caiyamk^

The Jbihwdighape agreed fosdaaAeiff^oansiSsa^m^thePdientares:

0%dH Suisse First Boston Linihed

Meanill Lynch Ihter&ational & Co. Swiss Bank Coipoistion Tnternatioual Limifed

Uidon Bank of Svntzerland ^iecinities) Lhidted

Banqne Bruxelles Lambert S A. BanqoeParibas Baring Ifrntfifirs & Cn.y T.imlfa»d

Morgan Grenfell & Co, limited S. 0. Warbmg & Co. Ltd.

The Debentures, issued at 100 per cent, have been admitted to the OfiBcial list by the Coimdl of The Stock
Exeban^ subject oniy to the issue of the tempoxaiy global Debenture. Interest is payable annually in arrears on
1st August the first pa>ment being made on 1st August 1983. The Debentures are convertible into shares of
Cofflinon Stock of Southern California Edison Company at a conversion price of U.S. 532f per s^re.

Full particulars of the Debentures are available in the Extel Statistical Service and may be obtained during usual
bnriness hours up to and including I6lh August 1982 from the brokers to the issue:

Cazenove ds Co.,

12 Tekeahoiise Yard,

LoBdoB£C2R7AN

— ... - 2ndAugnstl982

Announev-
D»i 9 ment last
yuar

AsaocfaUd

Ojirias...A 09 2$ Final 2
Auti and

Wibor?...Aug 5 Intarim 0.5
'Automotive

Pitevcts...Aug 13 Inieriml.D
Babcoefc lnt....Sept 2 Intarini 3.4

6 BA At^ 27 liierimO.84

BET Sapi 3 Fiaal 5.70B

B1CC S«pt 9 Interim 3.33

— BP '.S«pt 3 Interim 6.25

* 8 PCC Aug S Interim due

BTn .....—.....Sept 10 Interim 4.25
'Betdeys

Benk’.>..JMig 5 Iniei1nr10.5
*BiUr«nd

Penlend...AiiV 5 Interim 2.0
* 8 lbby (J.) 4 Interim 2.4

Slue Cticle

lndueirMB..Jtug 28 Interim 5.75

BvMtei .Bept B Interim 4J5

British

AlurTrhTivm...Au 0 f 1 Intednr Z.O
Bilttah Vtte ...Sept 1 Interim 2.7
CedUury

SchtMppee.r.Sept 3 Interim 1.3
Cerringtmt '

VI|rWte..JUig 13 Interim nil
Clurterhooee

Group...Sept 3 Interim 1.^5

Combea Aug 2E Interim 1^.

Cormnerciel

Benk Auet..Jlug 13 Rnel due
*Comfft e tcle>

Union...Aug 10 Interim 4.BS

Cesuin .S^ 5 Interim 4.5

De jeers .....Jlug 18 Interim 25e
* 6 en«fai

Accident.. Aug 11 Interim 7.5
Clrnwed ,_Aug 5 Interim 2.46
Gold Plelda

SA..Aug1B Rnel 320c
one ..........Sept 2 Irrterfme.TS

Gtrirmeai

PetL Sept 11 Final 1.2S

Hawley Group Aug 26 Imertml.T
Hepworth

CerBmio,..8ept10 Interim 2.29

*H1llerda Aug 2 Finel 3.75

•HK a Shenghei

Benkittg...Aug 24 Int HKS0.21

*Hoever Jkug 5 Interim due

*KdUl« pf

Frmer...Sept 29 Interim 2.0

*Horieon

Travel Avg 9 Interim 1.15

IMI ..Sept 8 Intenm2.0

Announce.

Oeie ment last
veer

Lead lndu9li...Sepi 10 'Interim 3.7

*lonrhe Aug 5 Inierim 3.0

"Nouingham

Manu>cttg..Jlug 2 Interim 1,1
Nurdin end

PiMcock...Sept 8 Interim 1.125
*DCBsn

Treneport-J^ug 10 Interim 4.3
Pearl

Assurance. ..Aug 36 Interim B.5

P & O ..Sept 9 Interim 3.0

Phoenix

Aeeursnce...SepT 3 Interim 7.3
Prudential ..—.Sept 10 Interim 4.5

Bet^ck Aug 28 final 1.131

Reckitt and

CDtfiran...8ept 8 Interim 3.8
*Rentekil ......Aug 4 Interim 1.05

*Roiral

Insurance.. .Aug 18 Interim 9.75

Sacuriepr Aug 12 Interim 0.56

Sedgwick .....Sept 10 Inisnm 2.25

SMI

Trerrapott...'Au 9 20 Interim 8.0
Stme Darby ..JVug 27 Find 17
Slough

Eatstes..J(ug 26 Interim 1.25
*Smith and

Naphsiv...Aup 10 Interim U
Standord and

Chertd Bk...Sepl 8 Interim 13.8

'Stenhouse Aug 19 Interim 1.82

*STC Aug 2 Interim 4>,

Sun Alliinca..,5epi 2 Interim 19.5

"Tl Group Jlug 11 Interim 12.5

Tasrior

Woodrpw...Aug 11 Interim 3,15
*Trensport

Davelopinent...AuB 9 lntsrifnl.45
Turner arid

NewBlI.r.Sept 10 Interim due

Ultramar Aug 13 Interim 5.0

UnUed

Bis6uita...5ept 10 1nterim2.35
Wagon

Flnenoe..j4ug 28 Interim 0.62S
*V/egon

induatrlPi...Aug 3 Pinal 3.0

Weir Sept 2 Inisrim 0.1

*WoolwprUi

(P. W.)...Aug 11 Interim 1.22S
Yorkshire

Chemiul9.,.5ept 10 Interim n|i

* Board meeting intimated, t Rights
iaeue since made, 4 Tax Free. S Scrip
issue since made. 1 Forecast.

taue isjlrip 1988

i2sl|

High Uw!

S5 '£•£’ — 1 ^5 ■ ^ Anglo-Nordic 5p ! 44 ! :b03B: 2.0' S.9-2A8

VI I 55‘*1 lAntofaggstaHIdgsifir 78 . 7.0 . 3.ft I2.»' 3.4

I Argyll Foode Warr'ta.. 20 >3 -

~ .1® i lAtlantls Res. Int ' 43 ^ ■ ~

.■SBIo-lsofatcs 10p_... 67 .fS , -

i^Deneora • 55 ; • — i _ i —

— ir.p.!29ill 106 Il02 l•5•EeBbrleNewOrd£l.l02 >— S :bd10.B 1.6.11.7; 4.1

F.P. -
F.P. —

38 ; — : - j - 1 _ 58,3
38le’ b0.75l 5.3. 2.A 7.3

FIXED INTEREST STOCKS

Issue I gs !%ee| 1988

Price ; gs 21^1
8 I Efl . .

I High I Low I

an w 1 a'Tn- 22, ! 'Cronite 14S Cnv. Uns. Ln.'92 99

lori 'bV I 23S4|Midland 8k. 14% Sub. Uns. Ln. SW3-07.: 87Vi— U

inn ' B 5* ' ” ISA. i,®®'«:Nationwide Bdg.Soc.l4%(4;7r83) 101

gg^s r?fs ' ~ i2S/7,a3r„li00J4,

“ |8*b 24 b;^w Zealand 14U6 1987 28ia

ifnS B,r o.":, >A^*' 25l4 Portsmouth Water I4S Red. Deb. 'BB.! 85!«.

IIR£1 BB i'®* ’ ' SJPigotaptint lliaiOuni.Conv.Bed.Pref' 97p

B‘,n‘ m-T;,' ?S. ' ISmurflt Mefferson) Prel. Units 2p ' 82

UlOO ,£ 1 D ,17fll( 131s, 13is:WestKentW8ter834iRed.Prpf.87-Bft 13ia| -. ..

“RIGHTS” OFFERS

. C & i I

Issue ! 3' I Renunc. ; 1

price ' g§ I date

p j <g j <a B : High

166 ; F.P. I 9/7 6.'9 '’VpS
170 : P.P. :13/6 24/8 : 190

II- l+r

170 i CD i*!b oem ?22 i JfS ;Applred Computer Tech 205 , ...

ins ?52 J2° • J2° .BankLcuml iUX)£l 186

2S M 4^ ' V BlondcH-PermoglaM ' I5pm

it -fe'ISBanB; I?**' ^ Je.nks&Catten £S

In 'BB I5'Z?2'I Minster Assets 771- „....

lie ' *2'^ 1 SaatehiRSantchliOp *15 i

315 F.P. . 5|7 13/8 , 282 .! 269 SKetemeyr!!.!!.! I....;. . : 289 ;

M. J. H. Nightingale & Co. Liinited

27/28 Lovat Lane London EC3R 8EB

Telephone 01-621 1212

Rcnunciatioa date usually last day ier deanng free of stamp duty. bRguree
MM on prespsetua estimete. dDhridead rate paid or peytele oa pert d
o" (“H eapital. g Aesumed dhridand and yioW,
t indicted dhrldesd: cover relates to pravlous d/vtdend. P/E'iedd tetsd en JMSst
e«™nOT. u Precast dividend: com based on pmous yeer^s earArnga-
F Dividend end rtcid faesed on prospectnB or other official esUnaas for. 1983.
Q Grose. T ngoms easumed, o Rgures or noort 8 weited. t Com ollowa lor
mwrsloo Of ^atvs not now ranking lor dhritod or ranking only for tsatriend
ffividendfeSnsemg price, p Pence unless oeberwias indicated. 1 issued by
tender. J Otemd to tetdora of ordiMry afians es a '^gl«s.'“ •• taooed by way
ol capitafisedm. H Reintiodncnd. 79 Issead hi co nnec a on wlib raeiganiMden
mi^r or teke^ver. || intraductian: n issnad to t n n a ar m a teranc a . hoMef-
■ Mlotmant tottera (or tully.psid). • PronsionBl or pai t ly-pe W allatcmRt WMra.
W With warrants, ft Dealings under spKial Aula. . 4> Uafistad Securities
, Marh eL tl London Listtnn. # Keethre iNua pries alter asrip. t Fonwrfv
dealt In under Rule 163(2) (a), it Unit eomprisiAg fiva erdliuix acd thiae
wan, fharas. A laaued iroa aa an entidement to c^iaery boldara.

THE THING HALL
USM INDEX
126.8 (+05)

Qose of bnsiness 30/7/82
Tel; 01-638 1501
BASE DATE 10/11/80.100

LADBROKE

5S0-555 (-3):

HNANCE FOR INDUSTIWirawriMEiHISITS.

DqToaffi of£l,000-jC50^000 accegited for ficedtenns oF3~]0 yeas.
ytrt^w -tfjaidgrfts^hatf-yEariy, Rales for depo^iecavednittlatertbaa
6/6/82

Texsis fy oQis ) 3456289 10

INTEREST % 121 13 ^

Deposits toandfiiitberinfisanalknfinm Tbe TreasurenRnancefbr
lndustiyplc,91^ShieriooRdBLoaidaiiSE18XPp-9287822,Ezt.36?).- ‘
C3ietpiespasrf&to**Bapk oFR«o laitdrafew«i-i»a
^e ttehfJ^n g rvmripany lteygraadjm

-E'im i^Deneora • 55 ; • — i _ i —

ir.p.!29ill 106 Il02 l•S•EeBbricNewOrd£l.l02 >— S :bd10.B 1.8.11.7; 4.5

ri*S 'il2 ,2S j*tolghtCmptrlnt6o 62 : ,bdl.6i 3.0, 4A16.6

BB Jfl ’?29 !4’MeCarthy*8tone...tl90 ; 'b6.75| 2.7: 4.3.11,4

aim BaliaTk iJff illf ^ul«tone Elect 166 -+4 u2.52 3.4' 2.g'l4.4

1150 F-P-|15f0 165 ISO |«OmieM Insp. Srve .. 155 i ;u2.1 i 3.7' 8.0 17.4

^■S't - IS ' iRITANortbernWar-te; 20-1 _ I _ ! _ | _

BB ~ S?'*! S2 L**®*'® 38 I _ j _ I _ !28.s

bbI "■ 52 i 37itWalker iAlfredllOp_, 38le' b0.75l 6.3. 8J; 7.3

F-P-j — 36 SO [liiyplverton Invs. Sp..- 30 :-1 ; — j — | _ j —

. Financial Times Monday August 2 19M

Guqiffiun aod markets

15

international capital markets

CREDITS

Ferrovie favours
bold approach in

£100m

raising

UNDAUNTED BY the doud of
uncenawny hanging over the
Italian hanking sector. Ferrovie
deUo State, the Ztaljan railway
has mandated S. G. Warbure to
raise £l00m. ^

The emergence of the deal
at this rime suggests that Fer-
revIe and its merchant bank in
Lesdra have decided tiiat for-
tune favours the bold. There
are two £SOm tranches, one for
four years and the second for
£ve years.

The four-year portion carries
a i 1 >er cent margirt oi'er the
London interbank offered rate
(Libor) and the five-year por-
tion provides ) per cent for the
firj;t two years and ? per cent
thereafter. The manag^nent
fee is understood to be similar'
to that of a $130m Libor-priced
deal last December, around
S/16 per cenL

There as no ostensible reason
why* an. Itahan state-backed
borrower such as Ferrovie
should be discriminated against
because of Ae Anbrosiano scan-
dal and if tbe deal is suecess-
firi at will amount to a psycho-
logical victory- for the name of
Italian borrowers In the Euro-
maiket

- hlore than a psychological
vieroiy will be required by
UeKican borrowers, which are
itfii pressed by heavy cash
seeds. On Friday It was learned
that Altos Homos de Mexico,
one of the three state steel com-
panies. had dispatched a telex
hniting banks into a $200m five-
year club deal *with a 1} per
cent margin over Libor.

This is the highest spread in
•u^veral years, and another sign
of the need to pay a premium
for new money. The deal
envisaged provides a 2} year
grace period, a possible prune
option an^ a management fee
of i to one per cent for banks
taking a $2(^ tranche.

Some recipients of the telex
found it unusual that a Mexican
borrower should be inviting
banks directly rather than via
a co-ordinating bank.

-The Altos Homos proposal
came a few days after news of
the latest Pemex ^OOm nine-
month deal, mdiich involves the
mortgaging of oil receivables
through a U.S. oil company. Two
similar oil mortgage credits are
said to be under preparation.

Ecuador, meanwhile, appears
nnlikdy to go ahead with a

$400m credit it had been plan-
ning i^ith £. F. Rution. Hutton
has relinquished the mandate,
but said on Friday it bad com-
pleted an $SOm one-year credit
for Ecuador as pare of another
$200m package.

Jamaican government officials
spent part oi last week in
London sounding out the market
for a $5Qzn one-year credit to
refinance part of a loan taken
out last S^tember. The deal,
if it goes ^ead, will be struc-
tured under IMF guidelines.

Also, in London, there is
speculation that the British
Government may act soon to lift
its economic sanctions ^ainst
Argentina. An unfTeesing of
Argentinian assets, provided
back Interest is paid to UK
banks, would pave the way for
debt rescheduling talks.

Bankers in London report
that pro-rata riiaring of interest
from Argentine borrowers is
continuing reasonably well.
NonrUK banks in Argentine
loan syndicates are now making
payments and two cr^ts were
brought up to date last week
on this basis.

FriHn Eastern Europe comes
word that the $260m. special ctub
loan for Hungary, now being
completed by a groiip led by
Manufacturers Hanover, will be
signed within the next foitnii^t

This week a delegation from
the Yugoslav central bank is
due in London to discuss the
short-term g200m-g300m deaj
being packaged by Citicorp. It
is thoufdit that the main subject
under discussion will be the
-possfbili^ of bringing die UK
clearing banks into the loan.

Last week saw a meeting in
New York of Foland*s U.S.
conuoetcial bank creditors to
discuss 1982 debt rescheduling.
The meeting, at Citicorp’s head-
quarters. concerned a proposal
under which 95 per cent of
the 1982 priac^al would be
rescheduled. The proposal also
involves Poland p^ng its 1982
interest and receiving half tbe
amount bade immediately as
trade credits.

Several D.S. banks appeared
to approve of this proposal, but
not all the relevant banks
attended tbe meeting. One
banker who attended tbe meet-
ing said it was too soon to
conclude that agreement had
been reached.

Alan Friedman

INTERNATIONAL BONDS

Search for quality paper hots up

I EURODOLLAR BOND NEW ISSUE VOLUME

THE EURODOLLAR bond
market is holding its own,
pinvlng remarkably resilient to
tbe fears of the international
financial community and to the
burden d $1.6bn of new issues
daring past fortnight

Last week was not a
particularly - active one for
secondary trading, but the
market steered a defensive
course and managed to register
.a modest i point rise .on the
week for many bonds.

The most talked about new
Issue is without a doubt IBM's
aev IzOOm five-year iSl per
cent b6ndsq>lus-warTant deal, a
perfect example of the flight
Into quality which has become
so much a pan of the Euro-
markrt's investor mentality.

IBM marched into Europe,
through tbe good offices of
Morgan Guaranty. CSFB and
Salomon Brothers, and took the
market by stonn with one of
the most successful sell-outs .
seen in months. Despite the
fact th^ its Issue-price yield
was below that of the equivalent
U.S. Treasury five-year bond,
the maiicet could hardly
restrain its enthusiasm.

The warrant extra, an option ■
Into 13 per cent 1987 psper
whkih may be exercised for
three years, was so popular that
it qu&kly traded up from its
$25 issue price to dose on
Friday at $^. ■

Why was tbe IBM deal so we>U
received? Acctmling to new
issue managers both jTid

500^

400-

300-

200 -

FiXED INTEREST

100-

FRN$

A

II 19 «. 1A

ill

12 14 15 16 19 M

. - JULY 19 B 2

-3

26 27 28 29 30

outside the management group
there were tlffee reasons: the
qudit>' of tfie name of IBM, the
rarity \*alue of the issue and the
attractions of a three-year
warraaL

The first reason is probai^
the key. IBM’s appearance hi
the wake of several issues of
dubious quality was described
by one trader as “an oasis m
the desert** It underscored
the trend toward a two-tier
market in which yield spreads
between top' quality and lesser
quality issues grow irider and
wider.

By Friday the IBM paper, at
1011, was yielding le^ than
13} per cent In contt^ the
Aluminium Compuiy of
Canaria’s new S75m 15) per cent
10-year bond yielded 1&22 per

cent and was sedaing very
slowly.

.Mother JiUustratioit of the
flight into qual'tty was the
emergence of a $250m Yankee
bond for the World Bmik latte
1^ week. Here was the World
Bank paring a 14{ per cent
coupon, compared wiitib IBM's
13S per cent.

At the otiter end of the
spectrum Nova Scotia,

Newfomadlmiid, asul Canadian
Pacific issues all languiriied
Last week at discounts of 2 to
3 per cent Perhaps tiie most
extreme example of how the
Eiiroinarket treaits lesser quality
paper was m the sterli-ng
domestic market, where a 14)
per cent bulldog bond for
Pemme mded ate 77 to yield
above 20 per cent.

Mexican paper is admittedly
an extreme case, but there are
many other examples of tite
widening yield differentiate.
The Euromarkeit is playing iit
safe.

In the Swiss franc foreign
bond maiket 'Transamerica Cor-
poration, which pioneered the
currency-hedge bond through
Soditic, is issuing SwFr 100m
of 12-year paper with interest
payable in Swiss francs and
capital in dollars.

The idea is that a Swiss franc
investor buys SwFr 5,000
denominated bonds paying a 7
per cent' coupon. At redemption
the investor receives ^,700
At SwFr 2 to the dol-
lar this would amount to
SwFr 11,400, The dollar muld
weaken to SwFr O.S8 and the
investor would still break even.

Swiss Bank Corporation is
leading tbe Transamerica deal,
which is open to subscription
until .August 16.

The Swiss franc sector has
bad a very buoyant fortnigbt,
with heavy trading and a heavy
new issue volume. Among tbe
new issues are several vdiich
have been used in the World
Bank's recent $400m currency
swap doUar-SwisB franc issue.
These include tbe Citicorp
SwFr 100m, Champion
SwPr 60m. McDonnell Douglas
SwFr 25m and Societe Generale
SwFr 80m issues, all private
placements. •

AJ*.

SHIPPING FINANCE

Uncertain times for
Hong Kong bankers

THE BAPID growth la ffie size
of the Hong Koog-flag shipping
fleet and the Asia dollar market
in recent years has meant that
Hong Kong has emerged along-
side New York and London as
one of the world’s top throe
shipping finance centres.

The phemunenal ^epansion of
the shipping fleets of Sir Y . K.
Pao, C. Y. Tung. Wail Kwong,
Grand Marine, Jardine and
Swire, has given Hong Kong
shipping bankers plenty of busi-
ness. Some bankers, seeing tbe
surge in ordering by Hong ^ng
owners a couple of years ago.
and the recent slump in rates,
have assumed that this time the
Hong Kong ieet is not going lo
sail tlirough the world shipping
recession unscathed.

Far Eastern freight markets
are not insulated from the slump
in world freight rates and
Hong Kong owners are suffer-
ing like other shipowners
around the world, they argue.
Nevm^eless, the Hong I&ng
shipping finance community
does not subscribe to tiie gloom
and despondency which has
gripped European bankers,

& far there is little evidence
that the Hong Kong owners
have been cancelling orders
placed over the past couple of
years, although bankers say
they imagine that some discus-
sions are taking place to delay
d^very of new ships. There

Is evidence .that some of the
smaller and more entre-
preneurial shipping banks have
financed a fejv deals without
seeking adequate cover both in
terms of the underlying asset
value and charter commitments
covering the life of tlie loans.

But on balance, Hong Kong
bankers say that tiiere is no
sign of any major . problems
among Hong ^ng*s ship-
owning community. Partly, this
is because they have been able
to build up more reserves than
some other owners and also
because they have traditionally
only financed their ships after
fixing them with diarters
covering the life of tiie loan.

However, there are two poten-
tial problem areu ahead. The
first is the level of interest
rates. If world interest rates
remain high this could unde r-
mine the interest rate assump-
tions Hong Kong owners made
when financing their fleets. .

More important, charterers of
Hong KOng vessels may seek
to renegotiate lower rates.
There is reported to be . a
certain amount of this already
going on among the weaker
ebazterere. Consequently, banks
are paying more than usual
attention to ensure the first-
class quality of tbe charterers
of their clients’ ships, before
putting up tbe finance. .

Wflliam Hal)

CURRENT INTERNATIONAL BOND ISSUES

Borrowers

US. DOLLARS
Sthn. Cal. Edhen§{
Banque- ftidoaiexf

Newfoundbiidt

Alcant

Dave. Bk. of Singaporet

Credit Lyennaisft

Tdemex

iBmi

Worid Bankttt
CANADIAN DOLLARS
Canadian (itifrtfest
BC Telephone Co.t

MARKS

Asian Devt Bank}

BFCEt

Swed. Export -Credit

hneunt

rik

Maturity

Av. fife
years

price

Lead mBnager Offer yield

%

Borrowers

Amount

m.

Maturity

Av. life
years

Cetipen

%

Price

$ ■

SWISS FRANCS

50

1997

15

m

100

CSFB

12A00

Kenithiroku Phote**§f

70

1987

—

6

100

60

1989

- 7

15$

99$

Banque Indosuez.

edorado Nuclear^

100

1992

—

6$

100

' Continental iUinoi*

15J72

Daikin Kogye**1it

45

1987

—

6i

100

7i

1990

8

15$

99$

CCF, Dominion Secs.

15A14

Sankye Seiki**§t

20

1987

—

«

100

75

1992

10

is|

TOO

SBCI

15.750

Mont Bbnc Tunnel Co4

70

1992

—

7$

100

75

1989

7

15$

100

Morean Guaranty. Daiwa

Secs.

1SJR»

Societe Generaie**t

80

1987

—

7

100

200

1993

Hi

Si*

TOO

Nomura Secs., Credit

Lyonnais

TNT Ovs. Hn4

100

1992

—

8$

100

50

1997

15

18$

•

CSFB, Merrill Lynch

« ■

Kea Oilt

75

1992

—

7

100

125

1989

7

15$

TOO

LTCB Inti., Mofpn Gty

Minebea Co.§

80

1992

—

#1

100

Vernon Bros.

15.250

juj ‘0 Paper**(

40

1988

—

3

100

100

1987

5

13J

99$

Morgan Gty^ CSFB,
Salomon Bros.

13.950

EIB**t

Hydro Quebee**t

50

300

1988

1987

7*

<1

100

100

250

1987

S

14$

10O

Goldman Sachs

14.625

Tranam Corp.t
Sumitomo Metri

100 ■
100

1994

1992

7

»

100

•

5TERUNG

3S

1987

5

17

TOO

Wood Gim^

17.000

Prov. of Quebec

30

1989

7

14$

•

40

1988

6

17$

100

Orion Royal, Pftfield

LUX FRANCS

Mackay Rosa

17.250

Council of Eurepef

500

1992

7A48

12$

100$

YEN

150

1992

10

9$

99$

Deutsche Bank

9J69

Asian Devt. Bank!

15bn

1992

10

B{

100^

100

1989

7

9$

99$

Dresdner Bank

9J01

lADBt

20bn

1994

10.32

8$

99.95

.100

1987

S

n

•

West LB

•

Manitoba^

15bn

1992

10

8.6

99i

Lead manager

Offer yield

&000

A500

A875

SBC
UBS

cs

SBC *

CCF, Banque Gutzwiiler,

Kurz. Btingener 7.125

Citicorp Inti.. Sodete
Generale (Suisse)

Soditic

C5

Bank Hofmann
SBC
UBS

UBS, SBC, CS
SBC
SBC

7A00

A875

7jOOO

7350

7.125

6375

7000

«

SG Warburg

Bque. Inti, i Lux.

12AS5

Daiwa Sea.
Nomura Sea.
Nifeko Sea.

8.625

8507

8.638

Wot yet prioed. f P1"S« «m». •• naconient. f Flo»tlng rata note. O Minimom. S ConwaralWe. tt RaBtotamd orfOi U.8. SocurWa* and Exchange Commlwion. V VWih MrrantB. Nolo: Yields era calculalad on AIBD basis.

Afflfiese seenrHies^vxnffiiBeQsoIASiipaimfnncBweiafappearrasajnatterofnpanfca^irw

AH of these secunties have been offered outside the United States.

This announcement appears as a matter of record only.

Newlssue/Ju(y,1982

U.S. $100,000,000

Ibaisse Cent rale de Cooperation

Economique

- 5 i‘

1578% Guaranteed Notes Due June 30, 1992

Unconditionally Guaranteed by

The R^blic of France

Credit Lyonnais

Banque Indosuez

Caisse des Depots et Consignations

Goldman Sachs International Corp.

cm

CSR Limited

(Tjfcofpffrata^ under iJte Con^arSes Act 1974 qf Ne» South J^alesJ

U.S. $75,000,000 16 per cent. Notes 1989

Banqae Faxibas

Gxedit Suisse Fixst Boston

S. O. Wazburg & Co. litd.

Cominez^ibaxik AEctiezigeseUschaft
Eredietbazik Inteniatiopal Gzoi^

J. Eenir Schroder Wagg & Co.

limited

ITzdoit Pawfe of SnifzerlatEd (Secszzties)

Limited

?nie Dev^pment Bazik of Singapore

Limited

^nie Hongkong Bazik Group

AMim Group

BbdIc SruBsel Iffiobeart H.V.

JUgemene Baok Hedwaand N.V.

Baxtk Lea lofmsiafioBSl Lti

Amhold and S. Bleicbioedar, fiaa

Bank of Tokyo &ifenBficBBBl

, :

at

pi

Kll

?ni
. a
ik
tb!
ess
SI
Is

Basque lotmsatibn^Ie fi IflxembODtiff

8od6t6 AiuBUTCe

Banigie daSbuffinB^ IVibTmnbfirgai^ MaBet

BszfaaBifoSiees & Obpv

dBC

Iteted

CcsEpagnb deBaaisim etd'kvBS&Bsements^ CBI

CoimfyBanfc

ZAmad

CBS&hjeaaain

DsiwaSorope

Sfbcdezibank-Wazbsttr

Snnpaan CsBQpBigr

pBB&ternaSond I&anca
lii&ilBd

rtofiiw TwhawtaHnwal T.«i6-

VlSBW

CSenwmfrfilft md Bank der Ssterrelriliischen ^aikassett

H8sdBIsbaiikN.W> (Ovoxseas)

HessischB Iflzidtebaiik

— CSieBeBWiS'^

SQ Samuel &C0b

fl ftIfiTiiaTi Sarhe T nlMmulimral G^qp,
B6ax8GovBffZi83,

S^iStBSStiOQd

Sddfi); Feabo^ bSexnafiQnal

T.Trt y »^e BariV ^ l oni s I T niHal

^ Jdndtad

London & CoafiriBlBlBttaas

MsDubeturen SanovBf

T rfw i i ,» J

3 UEBBffi Lyudi Sdeaxofibnal

jffitspWfthi Bank (BnropB) S.&
IMorgau Stanley hilaaalioiial

SamndlMaRfaga & Co.

B. Usider aoeZi SgIbi & COi

Uozgaa OnaxaBty Ltd

2BfepopCirad a i n ten i afio n al(B^IihL

NconddenfsdiB IndBriistife

GjroEBotxale

Saudi IntesafionaZ Bald.

AI-Biak AlteBdi JUnSlvnl United

SdirodCT & Cbaxfeiad

Soddtd des Basques S. G. Wazbio^ et Leu SJL
Veretas-uadWesfbaiik M.U.WaxImz 9 &xac±maim,TOrf 8 &C^

Sim Hirm j 16 n IrH Hw I iHeiit Sefl?yj[gy^ Hg,

EdzigXPag'

SkatidtHAvUca SsBIdlda Baufees

SvenakB BanddEatadsB

GkBedcar

.-.J

• f

V

.£ .

•• ■:

—

f ••

CoBpaBies asd Markets

INTERNATIONAL CAPITAL MARKETS AND' COMPjil^K

U.S. BONDS

Discount rate cut
helps to underpin
lower money costs

Weak demand forces Stelco into net loss

Vf nOBSlT GIBBB4S IN MONTREAL

WALL sraTSET gets to grips
with the latest wave of XT.S.
Treasuiy borrowisg this weelo
the tUzd quarter refundizig.
But far from strilciz^ ten'or
into traders' faeaits, the indica*
tions are that it will go reason-
ably wen, particulaiiy after the
Federal Reserve's latest cut in
the discount rate on Friday
night.

The half point ^t tt> 11 per
cent — the second in only 12
days — ^was made- " in light of
market interest rates and rela-
tively restrained money and
credit growth." the Fed said.
Wall Street bad been especting
the move but was still glad to

U.S. INTEREST RATES (%>

Week m Wa«fc to
July 30 July 23

Fatf. Funds wfcly. sv. 11.42 11.70

3-nranOi Tress, bills... 10.43 10.50

3-menth cd 12.15 12.50

ao-ycsr Tress, bonds . 13.44 13.6S

AAA utility 15.50 15.75

AA induatrisl 15.25 15.63

Soune: Salomon Bros, (estimates).
In the week to July 21 M*1 fell SBOOm
to S450.6bn.

see it because it effectively
“ anchors " interest ratfes at
their new low levels.

In the few minutes that were
left for business after the Fed's
announcement, three month
Treasury Bills fell below 10
per cent, the first time the U.S.
has had a sin^e digit interest
rate in two years.

MeBon Nadosai Bank, the
largest bank in Pennsylvania
also cut its prime rate &om 15i
per cent to 15 per cent and
there is eyery likelihood that
other banks will follow suit to<
day.

The martlet (Bscounted tiie
TEfonding in the early part of.
last week — possibly a bit too
much — and pushed Treasury
bond yields up to levels which
should attract investor imerest.
In the past, refundings have
gone off better than expected
for similar reasons, though this
often painted an exaggera-
ted picture of the markeit’s
underlying streng&.

Hie refundii^ is the centre-
piece of the Treasury's borrow-
hig over July-^eptember which
wfZl raise a total gS0.%zL the
most the Treasury has ever had
to raise in o thne-rnonth neriod.
l^e refun^ng itself will total
Sllbn: of this $6.7bn will be
new cash to finance the widen-

ing d^cft, the remainder udil
be used to refinance maturing
debL It wi'll consist of $6bn
of three-year notes for auctiim
on T^zesday and g^n ' of ten-
srear notes on Wednesday. At
the end of last week, existing
notes in these maturities were
yielding 13.20 per cent and 13.50
per cent respectively. .As an
indtcistion of the slight im-
provement in the bond mnricet
since the last refunding in May.
these maturities were then
yieWng 14.17 per cent and 13.< «
per cent in a downward sloping
yield curve. •

The market’s efforts to dis-
count the refunding drove
Treasury bond prices down over
a point by mid-week. Discourag-
ing Congressional testimony
about the size of the Govern-
ment budget- deficit and hkely
borrowing needs from both Ms
Alice ' RivUn of the Congres-
sional Budget Office and Mr
Paul Volcfcer, the Fed chairman,
added downward pressure. Mr
Vohrker predicted the Treasury
would need about $100bn in the
second hailf of this year.

But the market was also upset
by lack of follow-lhroi^h by the
Fed to its market easing opera-
tions. Some dealers feared this
iheant Wall Street had misinter-
preted Mr Volckeris much-
publicised pledge of ''flexi-
bility " the week before. But
others maiiztaiined there were
technical reason why the Fed
held back. The discount rate
cut should dispel these worries.
By Friday night, bonds bad re-
covered all their losses as the
market grew more confident
about this week's outlook.

A key factor buoying the re-
funding is the drop in short-
term interest rates which has
great^ reduced the cost of
carrying stock and led to a
sharply upward sloping yield
curve. Dealers can now make
a he^ return simply holding
on to bonds which means they
will be able to stock up on the
new issues even if retail buying
interest turns out to be dis-
appointing.

Last week's uncertainties kept
borrowers out of the market
and corporate treasurers are
likely to stand back again this
week until the Treasury has
done its work.

David Lascelles

STELCO. Canada's largest steel

producer, reports a steep
decline in profits for the first
half of 1982. and says demand
is likely to weaken further in
the current six months.

Net earmogs are C$13.1m
which at the per share level
after preferred dividends
deteriorates into a loss of 40
cents. For the inning half of

1981. net profits were C$114.7ni,

or C$3.73 a share.

The result confirms that the
Canadian steel industry is now
undergoing its worst post war
crisis. Dofasco, the second
largest company, has also
reported shaiply lower earn-
ings. and third ranking Algoma
Steel is expected to follow the
tx«nd when it reports for tho

second quarter.

Other smaller units such as
Sidbec in Quebec are showing
losses and many integrated pro-
ducers of steel products, includ-
ing pipes, are also reporting
very depressed results.

The iron ore mines in
Northern Quebec, the main
sources of ore for the Canadian
ptimaiy producers and also for

some U.S. steel companies, will
operate this year at an average
of about 50 per cent of capacity.
Some mines will' remain, closed
through the summer arid well
into tbe autumn.

Unemployment in Hamilton,
Ontario, the country's largest
steel making centre Is now 'well
over 20 per cent

Stelco has cut back- capital

spending' ae^reiy, although, it
Will complke tbe hot atrip milt
at Nanticoke, Ontario, fbr. start
up next- spring. Tbis prol^:
will complete the.ffist phase .nf
its -greenfields seed pl^. west
of-Eamiltom

The .company's sales', for' the
halfTear droned to. C$1.12bn
against in the same

WlpeilocU^ ^

Bid battle fbr Borel hinges on monopolies

BY DAVID WHITE IN PARIS

THE TAKEOVER Jianle for
Jacques Borel International,
the catering concern vrhich has
been recovering from a spec-
tacular upset in its fortunes,
now appears to hinge on a mono-
polies commission ruling.

The Stockbrokers’ Association
has held back from giving the
green light to a couater4»d
from Sodexho, another big
caterer, on the grounds that the

Managing
director for
BP (Far East)

filr A. E. H. Williams has been
appointed managing director of
BP (F.AR EAST) and will take
up his post at the Tokyo office
on October 1. Mr E. R. J. Hill
ctnrently managing director of
BP (Far East) is to retire. Mr
Williams has been \ritii the
Groim for more than 20 years.
most recently as general man-
ager, production in BP
Cheinicals, wiQi responsibility
for the UK factories. He has
been concenied with tbe design,
tuft mmiggifining . operation and
management of process plant
for the manufacture of
chemicals and plastics, and has
experience in business and
marketing management.

• Hr Gay McElwalnc has been
appointed president of COLUM-
BIA PICTURES, Mr Frank Price
will continue as chairman and
chief executive. Mr McElwaine
has previously served as presi-
dent of Raster Films Inc., a
Columbia subsidiary,
e F.AIRCHILD SWEARINGEN
CORP. has named Hr E. Jadson
Brandreth vice-president, market-
ing. Prior to joining tbe Texas-
based subsidiary of Fairchild
Industries, Brandresh. was vice-
president of marketing and custo-
mer service for the Sabreliner
division of Rockwell Inter-
national.

case has been referred to tbe
conimissioiL

The commission has to pass
judgment on -whether a take-
over by Sodexho would be pre-
judii:jal to tbe luncheon voucher
business, in which both com-
panies have a strong position.

The initial bid from the Novo-
tel hotel group is now to be
extended beyond the ini tT R t
closing date of August 6.

• Mr Philip Higton has been
appointed NATIONAL WEST-
MINSTER BANK'S chief
manager for Japan, 'oased in the
Tokyo branch. He succeeds Hr
Ivan Powell who is returning to
tbe UK on completion of his
tour of duty. Ur Higton was

Novotel. which bou^t the
Sofitel luxury hotel chain from
Borel in 1980 and which has
since strengthened its links,
received the genabead in June
for its bid, which involves an
exchange of Borel shares
against Novotd shares or con-
vertible bonds.

With the baddng of one of
the main shareholders of Borel,-

Codec-UNA, Sodexho countered
this in July after alrea^ buying
up more than 15 per cent of
Bor^ throu^ the market.

It offered to bqy op the
remainder necessaiy to establish
majority control, at the last'
traded price of FFr 178J0 a-
share, as well , as the 151,870
convertlhle bonds currently is
circulation, at FFr 200 apiece.

The", monopolies, mmasssion
has '.to present im - conclusions to
the. Finance Ministry, vdiich
will -have the final say on
whether-. : the ' So^aho . -hid' Is
. accqsmhle. . .

# The Bails Bourse CiuhmittM
on Tkkeovem h^'. - har^
Sodeodio .-'fidm tnan^ikions on '
the iKHxrse -uhtil Novotel's ^
for Borel is conduded.

Hiatt

Havas

.ey O^'-Paris- SUB - '

IHBECTOR .of

Riaacois fiCttemnd^ . pizvate
cafblhet, U-Asdc6 Bousel^ has
heeo ^pointed- to a new job.
aa ' i»Waiwnriaw .rf Havai^' the XitfDS^
lin& gtai^iamkroSedadv^^

gjteity aie^ .df A

RooBsetet:
asaaejate -a^
i.iifVT^)r '' ■Tx&iaiser--' of- Xi
Mitterrand , for oyer .25 ymrs..
. Tbe -appqizitazent of a poffri-.
cH figures does not break; new.
^ODSd at Have. The ontgoii^.
^airman. Iff Pierre Nicolay,.wbo
has been haiiied to the ^Goaaoa.'
<tf State;- diso. came £oom.
M HittKxaxKl's; entoDTase..

Havas i^re 8 eats-:die''le^
foiice in . French, adv^damng;
fhron.eh a' netiwoxk of agencies,
eozdxwed SuifiGnhi, in whk^
it bolft ^ peir cenL Its tam-
dver hist year' ms B>Sbtt.
(aboot gUSuii). ' . . . r.

INTERNATIONAL APPOINTMENTS

Mr Philip Higton

an accounts executive in the
London-based UK r^onal office
where he had special responsi-
bilities for marketing to Euro-
pean subsidiaries of major
Japanese companies. Previously
he spent three years working for
the bank in ' Hong Kong.

• Hr Brian A. Slowey will be
appointed managing director of
GUINNESS IRELAND, a sub-
sidiary of Arthur Guinness and
Sons, from October 1, in succes-

sion to Hr Hark Bely Hutchinson
who Ls residing to take up the
post of chief executive of tbe
Bank of Ireland. Mr Slowey is
currently responsible for tbe
beer division and is chairman
of a number of subsidiary com-
panies wi thin the Guinness Ire-
land group.

• Mr Lester D. Johnson has
been elected a vice^esldeat of
CONSOLIDA'rED NATURAL
GAS COMPATTY, Pittsburgh. He
will continue to serve as
treasurer.

• Mr Forrest R. Haselton has
been named an executive vice-
president of the SEARS MER-
CHANDISE GRO'UF, one of four
operating units of ^ars. Roe-
buck and Co., from September 1.
He will succeed Blr William C.
LochmoeUer who retires on
August 31. Mr Haselton has
been general manager of the
Greensboro, N. C. Group of retail
stores since January 19^

• Mr btlchael Roberts has been
appointed a director of SAMUfiX
MONTAGU AND CO. from
October 1. He will be resident
in Hong Kong with responsibility
for tbe corporate finance
activities of Samuel Montagu’s
newly established Bong Kong
branch. Mr Roberts was- pre-
viously an assistant director of
Wardley in Hong Kong.

B Mr Carl C Martin has joined
GENERAL INSTRUMKNT
CORF. Clare divlston, CSiicago,
as vice president— manufactur-
ing. Prior to jorning General
Instrument, Mr Martin was em-

ployed by the Potter and Brum-
field division of AMF, Ibc., as
vice president— manufacturing,
a' AMERICAN EXPRESS

INTERNA'nONAL BANKING
CORP.. New York, has elected
Blr Angelo Calmon de Sfi, presi-
dent and chief executive oflicer
of Banco EconOmico, SJL, Brazil,
to its board of directors,
a Hr TnUiam C. Taylor .has
been electe d e xecutive 'rice
president of TIT WORLD COMr
MUNICA'nONS INC.,, a uxBt of
haternational Telephone and
Telegraph Corp. The company
has also elected Hr Bob IL
Olson and Mr John F. WUson as
senior vice presidents,
a Mr William J. Pi 'e m iaa bu
been appointed director of Indus -
trial products of AMF INTER-
NATIONAL TRADE opera-
tions, White Fluns. He. had
been president of AMF K.^ in
Japan and -b^ cmnpleted .Ms
tour of service there,
a Hr David R. Fieca has been
elected executive vice pierident
of KIDIffl, IN<C. He was a senior
“vice president, and is senior
legal officer and corporate seere- .
tary of the company.

a Hr James BL MacGregor,'
assistant mam^r. iDteri^msd
division, ROYAL BANK OF
SCOTLAND, London office, was
eppointed deputy niansget; Hong
Koog branch axid represerkatitv^
South East Asia represen-
tstive office. Mr Lesfle- A.
Haig, manager (iDternfftional),
Houston, head office^ interna-
tional (Mrision, was appohiited
senior n^iresentatave. •

a Mr David Wijiibei« has been
XB^ei president and chief nxecu-
tiVe offio^ of BED RIVER COM-
MODmES. INC..- Fargo. North
Dakota. He an.', executive
vii^resi3enL--Bi:r'B. F. **Tod"
Gni^'lman has . -- been ' named
chrirmah of the board. He hiu-

OF - .' . PdBiJC . SECSPOK '
ZNDUttmV ONTERSZND} faes. :
s^ed Mr - Aaostiuo Fad .
i^ace' Bbr 'Btiwe Hassacesl aa .<
te 'cbdriztaiD. Btesacewl has.

redded. Bir Z^ was prevtousty

>i fyimrnm .of GOFlN,.a fiDanchd; .
' holding-«atoiCthoMiBte.tXAdu^
company: Isttttabb.. per - la Rico-
utnisiODe XndusiCride- ' '(IRIL .
.'Intershad/ i q u tgdn tg -htfUh - IRI J
and 'aoiofiitt' . 'atafte hoUne
Bnte Paxteciptadoh .a ‘Fina3ima>

- m««lw *Biitobfe -MaittiBdlcuriera
(EbTBff).- Mr: -MasaaceeL ; vriM-' is.'i:.

WHIP ffcgrfiirifei mf etateoiwiiad
AKa 'Rooieqr-riadgned .'ttb- poBt <-
lutei a Uai b deciatoD to...
JdOmr. its priyate%e0bbr oennter- j
port. OmfindU8ti» ..i& TevobfiiM {
rtalhm mdustiy^- 1975 wage'.
MtfraUm major f

' IHr Itatvid E. ,'Wijiib^

b^en invbli^ jh the ommodities.
business, since 1947. and . will
remain active in Red Rivm: Com-
modities’ trading operations.' Mr.
Gunfeelmah' fbunded the ' firin in-
197s: •••"

a Mr Jean D. fitter irios jumed
IRVING TRURt: COMPANY.^as
8emw.rep(resCTtda:TO in Its Paons
ofitee. He was dudnui^; of
Banque totercoinicberciri
Gestioh.. Laussnoei Switzeriand.

a Tbe ZTALEAN ASSOCIA^ON

. a GOULD INC.- hos'-dedted REr - .
iFTnlcLoB^ HereCaiid».Jr,,. 'a5a . ':

- monber. of the c om iw m/s bouA'

He.isi»esRdent'ofthe-^^ .

•of •'Vu'pnda.'' aiC-.'.Cbariottesvtile, '
yat: .'r'

a "INGO, Toroi^- .tinB .'dieded '
.Mr lea. ^ .Audlii as treamrer,

- from SeptendterJ L. He repSa^

'. Mr' Ririb^' -TJ . de 'Gavre..-. '

'a'-Bfr.'Boy 'ij[' PStts:'- has‘''b'den L.

' appointed geneial .-ma nager ' of 1

Corley -ENCizfESHNG
(WJL) PTX-i -.Raasd, in Perth, I
Western Aostx^' and Camriey i
’Entering (A&) Pte, based.' in. t
Singapore. .These 'compani^ am
-asse^tes .UK-based Ctiwley '
Eogkibeziiig-CAd^.Pi:^ based 'in. ;
"Group. He -joins Chdriey. from i
-R. J. P.- BHddtn~Pty. where he i
. wiu a director. - *

AU of these ScGurities have bemsold. This announcement appears as a matter of record onlp.

$75,000,000

Ohio Edison Finance N.Y

17^% Guaranteed Notes Due 1987

Paymeniofprineipal,premium,if any, andinterest
tmeonditionaUy guaranteed by

Ohio Edison Company

wUckvMissuoi^Fiar^Mo^ to secwreitsgTiarainiee

MORGAN SEmLEPINTBBmriOmL

MOnGANGOARANTYmi

BANQUEBRrjXELZJSSXiAMBEBTSA, COIfmEn!^BANKASTIEA^GESELtSCSAFT

COUNTYBANKimiTED CEmiTSmSSBFmST BOSTON LimTED

jSAimFACTnsEBssmovEBBmjmsD Salomon sBOsiTEBSiNTBBNmoT^
SOCIETEGENEBAI^ SOCIEIVEGmBBALEBBBANQXmSA.

SPENSKAJSANBBXmANKm SWISS SAimCOnPOBATIONINTEENmONSB

Trflfffffff

VmONBANKOFSWIT^KLAND (SECnsaUES)

ALGEMSmBANKNBBEnLANBN.y.

AMBOINTBRNAFIONAL

LlaUUi

BANCADEL GOTTABDO

BANKOFAMERICA INTERNATIONAL BANKGOTZmLLER^KCrRZ, BUNGENER (OVERSEAS)

Limited Limited

BANK LEU INTERNATIONAL BID, BANQUE GENERALB DU LUXE3XBOURG SA.

BANQUE INTERNATIOmLE A LUXEMBOURG SJL BANQUE WORMS

BAXERISCWBSTPOTSEEEN^UNDWECSSELBANK SEAR, STEARNS &COm

BAXERISCWBSTPOTSEEEN^UNDWECSSELBANK SEAS, STEARNS &COm

AkHeageaeBadUa

SSL LfND^ WRITERS COMPA€SNIE SB BANQUE BTHINVESTISSEMENTS^ CBI

CONTINENTAL ILLINOIS CREDIT EZONNAIS CEEDITANSTAIT'BANJSTEBEIN

SAIWAEUSOPE DGSANK . _ 7SUR0M0BH1AEBS^A*

“»««« MBUTSCBEGENQ^ENSCSAFTSBANK ^

EUROPEAN SAN^NGEOMPANT GOLDMAN SACHS INTERNASTONAL CORE

SAMB RQS BANK KIDDER, PEABODY INTERNATIONAL

Limited ZimiUd

lEHMAN BROTHERS EjUSNLOEB IXCB INTERNATIONAL

lattntaUanal,tmem Limiled

MERRILL LYNCH INTERNATIONAL & CO, SAMUEL MONTAGU & CO,

Limited

NORDDEUTSCHE LANDESBANK SAL,OPPENBEIMJB,&CIE. ORION ROYAL BANK

GIBOZENTRALE Ltmued

PXE^ON,HELDRlNG&PmBSONNX SEAdSHHimSKAENSSlLDABANEEN

TEBE m^UNDJ9^ £BMSi SmG^WAEBnSlG&CaelTIK

J^8,T982

&GMAEBHSlG&akTTD»

FT INTERNATIONAL BOND SERVICE

U. 8 . OOUAR

STRAIGHTS Issue

Aetna Life IS 86/97 ... 150
Amax Int. Rn. 16^ 92 IS
Am'ex 0/S Rn. 14^ 89 * 76

ATT 141. 89 400

Beker Int. Fin. 0.0 92 225
BHP Rnance 14% 89... 150
Bk. Amer. NT SA 12 87 200
Bk. Montreal 14V87 ... 100
Bgue. indo Suez 15 89 100
Bntiah Cel. Hyd. 14\ 89 200
Briiish Col, Hyd. 15Ii32 160
8 (fnou 0 hs (nr. 15% 88 50

Canada 14^ 87 750

Canadoir 15>2 87 150

Canadian Pee. 14S SQ TS
Caroline Powrar 164 ^ 60

CIBC 16 87 100

Citicorp O./S 15 84/92 100
Citicoro 0/S 15>: ^191 125
CNA 1?a 97 75

Con. Illinois 15% 89 ... 100
Oukn Pwr. 0/S 1>«>, 89 60

buDOnt 0/S Cap. 0.0 90 300
ECSC 14^ 87 (April) ... 80

ElB IS*-: 89 150

ElB 15>7 92 100

Skspoxtfinans 14>t 83 ... SO
Gen. Elec. Credit 0.0 92 400
Gen. Elec. Credit O.D 93 400
Getty Oil Int. 14 89 ... 125
GMAC 0/5 Fin. 16 S3 190
GMAC 0/S 15<4 %/97 100
GMAC 0/S Fin. 15 89 125
GMAC 0/S Fin. 15 37 100
Gulf Canada Ltd 14^ 92 100

Gull Oil 14tj 94 ITS

Gull Oil Rn. 0.0 92 ... 380
Inr.Am. Dv. Bk. 1Si| 87 5S
Japan Dev, Bk. I5>j S7 50
New BrunswicL' 15^ 88 76

Ontario Hydro 14^ 99.. 150

Pac. Gas « El. 15>. 89 45

Philline Peuel 14 89 ... 200
R.J Rvniris. 0/S on 92 40ft
SAskarehOMrsn 16 89 ... 13S
‘Shall C>>rad.i 14*^ 92 ... 125

Spiin 19^ 97 100

Rueerior O'S Fin 14 89 126
Swed. Exp. Cr. 15H 99 ICQ
Swad. Exo. Cr. 14»« 90 TOO
Suwd. Exo. Cr. on 94 2Pft
Texas Eastern 15^ 89 . 60

Union CerMdA 14s. Sft ISO
Wells Fetoo Int. 15 87 76

World Bank 14*4 87 ... 500
Worid Bank 15^ 88 ... 250

Change on

Issued Bid Offer day weak Yield
150 103S| lOQ^a 0 -0\ 13AS

.re 99t| 99>k +0»a +0V 16.Z7

76 S 6 >a SC's -HU. -f OV 15.03

400 103S.304I, 0 -1 13.26

225 25^. 27J, 0 ~0>i 14.66

150 97 S7V -HP* +9^ IS JB

200 91^ 9e>a -FOV +V, 14JI6

100 94H 95 -HHi +0^ 16.10

100 S 6 \ 87V +0V +0V 15.70

200 9BV 99V -t-OV 0 14A6

160 100V 1D1V +0V +0V 15JM

50 103V TO3V +OV +n 14.76

750 sev 99V +flV +0V 14.54

150 100V101V O 0 15.10

re 8«>2 95 -t-OV -ov 15.68
60 104V 1047. +OV +0V 16.29

100 97V 98 . -OV 16.64

100 99V 100V -i-OV 0 14.75

125 100V 101 -f-OV -i-OV 1SJ»

75 99V 100>4 -i-OV +1 15.83
100 9BV 89V +0V +0V 16.97

60 89V 100V -I-OV -i-IV 15 j41

300 35V SSV -i-OV -OV 14A3

80 98V 99V '*-0V 14.89

150 100V 101V -kOV -fOV 16.22

100 S9V 100V -f-OV -MV 15.47
SO 9SV 98V +OV -I-OV 14.79
400 28V 29*1 -Hfa -i-OV 13.90

400 SV 2S>< -i-OV -I-OV 13.89
IS SV W0>4 -i-OV -OV 1?.96
190 10ZV 102V -f-OV -OV 16.22
100 99V 89V -FOV 15.38

IS 99S 100V -i-OV -FOV 14A
100 SS'i 100V -i-OV -OV 14^
10Q 97V S O -DV 15.18

ITS 99V 9Wa 0 0 14.28

SO 2BV S -i-OV -i-OV 13.88
S& SV 99V 0 -i-OV 15.23
so 103V 104V -i-OV -l-OV 14.20
re 103V 103*j -i-OV -i-OV 15.33
150 S 99V -HIV 0 '14.88

45 103V 104 -i-OV -fOV 14A3

200 97V S8V -kOV -i-OV 14.44

40ft 28V 28V 4-0*a +0V 1«.10
IS ■ 102V 103V -i-OV O 15.18
IS 97 97V -l-Ui -t-0>« 14.88

100 SS’i 100V -fOV 0 15.63

IS 97V 97V 'OV 0 14J7

ICQ 99>s SV O -OV 15.34

100 95V 96V -f-OV +0>t 1S.83

2Pft 20V 20V -i-OV 0 14A8

60 100*1 101V 0 -UV 15.60

150 100V 100V -i-OV 0 M.5S

76 99V 99V d-OV -i-OV 19.04

500 97V 97V -f-OV -f-OV 14.97

250 100V 100V 0 -OV 16.04

YEN STRAIGHTS

ElB 8 V 92

Jnt.*Am«r. Oevi,.- 8 V 9T.
Japan Airlines TV 87...
New Znlend 8 V 87 ...
World Bank 8 V 92

- . . ■ Change on

Issued BM CMer day we el t YWd
15 -97V 9BV 0 -OV 8.5S.

15 101V KtZV .0 +0V 8Je

9 9SV 96V -OV -HIV 8.99

15 99V100V .i>b -OV 8.34

S. 98V 8^ - 0 0 9JS0

Averaoe pries chenoes-. OId day 0-on imafe 0

OTHBR STRAIGHTS ; . " fatsuad
Bell Canada 16 89 CK.. 100
Can. Pac. S. 16V 89 CS ‘SD .
Crd. Fancier 17V S- ' -30
Gar Metro.-ITV 90 C8:... 2D

OKB 16V 88 CS 63

Q. Hyd. 16V S (M) -CS 60
Quebec Prov. 16V'S C$ 60
U..8k. Nwy. 9V90 EUA 18
Aimro Bank 10 87 R ... ISO'
Bk. Mees & H. 10 87FI 75 '
Eurofims 10V 0 A ..i... ' 50
Ireland 10V 87 H 75 ;
Phil. Lamps 10V87R... 100
World Bank 10 87 Ft-'... 160 -

0KB U a PFr 400 .

Solvay et C. 14V S PPr 200
Beneficial 14V. 90 E -(01 2B -

BPCE 14V 87 £ 30

BNP 13V 91 C 15

CECA 13V 8S E 2D .

Rn. Ex. Cred. 13V « £ .15
G«n. Elec. Co. 12V 88 £ SO
Hiram. Walker 1«V ffi £ 2S .
Norak Hydro. 1^'S7-£ 30

PrJystbspken 14V -88. £ 12 -

Quebec 15V 87. . S

Reed (Nd) NV 1BV88£ S
Roval Trustco 14 S £...' 12 -
. SDR Prance ISV SZ C... 90

Smd. Ex. Cr. I3V.88 £- -20
Eurofime- 10V' 87 LuxFr .600 '
ElB 9V 88 LuxPr'i..-:..-..; -600

- ' - Cbangeon-

Bid pBar day waekYMd -
t9^ 'Snk 0 ' 16A4

198V .88V.- 0 .-i-OV 18.70
19BV 98V 0 0 ITAZ

198 . 98V-HIV D -T7A8-
198V 99 0 -i-OV 15.55

199V-100 • D -DV 15.51
199V 100V .0 -OV 16.47
S3V .95 O -ft 1DJB
100V 100V +0V -(P| 8.84
99V 9^ -OV -OV 10.11.
■ton fOTV-f-0V -OV10.23L :
SBV- SSV -f-OV -I-OV 10.75 '

-loiv 101V -HIV -H>v 9-re
99V 9BV -HIV -HIV 10.15
. sev 93V ' 0 0 ' 1651

.93V 94V - 0 -i-OV 17.19.
89V 90V : 0 -OV 16.54
100V 101V. -i-OV -OV 14.18
96V 97 0 .-fOV 14.16 •

-97V 99% 0 -HRi 13.95
98V 99V 0 0 14JI4

98V 97V -HIV -f-IV 13.28
89V 100V .0 0 14.27

100V 101V -l-QV -0V'14JZZ ’
97V 98V -HIV -0V MJ5
1Q2V 103% -HIV 14^46
10P»196V 0 -0V154B'
99% 100V 0.0 13:87
101VT92V ~0 -OV 15417
•S 700 . .0 .iir 13.86
3$ 8T . O -H)%11M .
92% 83% -0% -ov 11.47

mROBOm TCTBNpVCSl

_ (nominal nine in

' -Eoiro-
Cede! . dear

'.UaS. 'fi..lMRldK ..
wedk..;...

Previoiis w^ K4^7. ;ujl77J)

Last

PrerioiB wedt

PLOATIHG RATE' • • •

MOTS . Spread 8W pMer C.dte CLcpn C.yld '

Allmd' Irish SV OV 8W> 99 - 15/10 15.68 1S.S-

Bk. of Tokyo SV-M (0) . OV 99% 100V 8/12 15% 15.27
Bki. Nove Scotia SV 93 .0% S 99V S/10 15%' IBS

BPCE 5% ffi OV 99%' 88V 28/10 S'- ISM'

.BPCE 5V 87 0% S8V-9SV27/1 14. 14.07

■Caissfr<Nat. -Tela. 5V 80 OV ‘ 99V 99VXI/10 15% , SA3

CCCE 5V 2002 OV 98% 98V11/1Z 15% . 15A9

CEPME SV.92 -OV 99% 100% 10/12 15.44 16A6

Chemical NY 5V 84 ... 40V 99%100V 23/9 16S. 16.71
CISC SV 94 OV' -197% .98% 15/1 15% 15.S

Cant; IIKntft 5%' 94 40V.*t96% -9S%24/9 16%' ie:50'

Credit Agileole SV 87... 0% 99% 99V24/9 184415J62
Credit tftt Nord 6V- 92... OV 99% 100V38/12 16.81

Credit Lyonneis SV 97;.. OV .99% 100 '1/10 16 9:04.

Cradic Lyonnais 5V 94... OV- 100% lOlPa 1/1 1844'18.89'

Credit Nat. SV 94 .: 49% 99% 99% 9/9 14.99 14A2

Ireland A 89/94 0% -196%. S S/1114% 14A4

KensalllB Osaka. 5V 9S 0% 99V 99% 6/11 16.91.15:39

Avarege price Utanoea... On day +0% on week -1-0%
DEUTSCHE MARK ' Change on

snuUGHTS Issued Bid Offer day WMk Yield

Asian Dev. Bank 9% 92 ISO ST^e 98% -I-OV -OV 9.52

Australia 9% 91 200 .103% 104 -1-0% +0% SM

Austria 8^, 92 100 94r« S5V -f-OV 0 9.14

Barclays 0/S In. 8% '94 100 96 S6% -f 0% -k0% 8.89

Sowater int. Rn. 8% 89 50 95V 86V -H>% -f-OV 9.28

Canada 8% 89 20ft 102% 102% 0 -OV 7.99

Comp. Tel. Esp. 10% 92 100 100% 101 0 0 10.35

Cred. Fancier SV 92 ... 100 96% 98% +0% -0% 9.32

Dcnmnrk 10V 92 100 102% 103% 0 -t-OV 9.63

EOF n 92 100 100% 101% -H>V -^0V 9.89

FIB 5% 93 100 . 94% 95V -i-0% 0 9.15

94r« 95V -f-OV 0 9.14

96 96% -f OV -k0% 8.89

95V 96% -POV +m, SM
102% 102% 0 -OV 7.99

100% 101 0 0 10.35

96% 98% +0% -OV 9.32 '

Dcnmnrk 10% 92 100 102% 103% 0 -t-OV 9.63

EOF 9% 92 100 100% 101% -H>V -FOV 9.89

FIB 5% 93 100 . 94% 95% -i-0% 0 9.15

Inr. Am Dev. Bk 9 92 150 9T-. SB +0% 0 9.37:

NlCnl. Flnaneinrs 11 90 150 96% 97% +0% — OV 1T36

Nei^k Hydro St. 92 100 96 98% 0 -0% 8.77

Philips Lames R% K ... 100 96% 99% +0V ■+0>, SM.

Philia MC'ris aV 90 ... ICO lOOTa 101% -I-OV -i-OV 8.08

Ouebec tOV 92 160 102% 103 . -i-OV -HIV 9.65

Renfe 10 93 100 99% 100% -OV -OV 10.01

RNCP 8% 92 100 96% 96% -i-0%..-OV »>19

Taumautobaha A 64... 50 T02V102V O O 9-49

Tcnneco Int. 9 92 100 9BV 98V -1-0% -HP* 9.23

World Bank 9% 89 100 100V 101% +0% -kOV 925

World Bank 8V 92 200 m% 96% -f-OV -HIV 8.13

Avaregs price ch ang ea ... On day +0V on aimak 0
SWISS RtANC ' ChantmM -

STRAIGHTS Issued Bid Offer day wet* YMd

Lieyde Enrofin SV S3'_ §0V-
Lang Term Cred. 6V SZ ' 0%
J.. p. Morgan SV 97- ... 40V
Net. WMt. Pin. 5%91...' §DV.
Hew 'Zeeiaaid 5% 57. ... 0%

99% 100% 29/10 17% . '17.15
.99% 9S% 29/11 14%. 14,75
SB 99V 12/8 14% tU4
.99% 100% 15/1 ,15V ' 1625
99% 100% 7/10 152T 15.58

Nippon Credit 6V -90 ... Q% -.g5V 99V10/8 16.06 15.16

Offshore URnlnq SV '91 OV
.Pkbnnken S St OV

Scotlahtf int. 6V'-92. 0%

See. Pacific SV 51 0%

‘Soclate Generala 5V 95 .0%
Standard'- Chan. 5V *91' 0%
Sweden-Ri 89 OV

' Toronto Domin'n 5V '92;- 0%

99% '9W. - 2/12 14.19 1424
98% 100% 17/12 1521 16.79
96% 99V 23/9 -15% 15.51

99%100%24/11 15 1622-

S9V 99% 1/9 :154ri 15.41
99% 99%18/iri4% .1521
9»» 9BV 26/8 1521 1929
97% 98% 11/5 16%. 15.71

Ayai^e'iwlce eba wg as ;.. Oik'dayOoR.iee^‘4^

Air Canada 6V 92 ....... 100

Aelan Dev. Bank 7 92— ICO

Aucalsa TV 93 80

AuBiralia 6% 94 100

BNP 6V 92 100

Csa. Nat. I'Enemia 7 93 100

CFE-Meaico 8V 92

Co-op. Denmark 8>, 93

100% 100% -Hl% -0% 6.19
100% 100% 4-0% -1% 624
9B% 98*. -hOV -0% 723
105 105V -PI -POV 52B
9P, S8V -I-OV -OV 7.03
100% 100% O -0% 620
92% 92V -I-OV -2 923

25- 1051*195% -hOV*

rtrown Zellnrh.-i-h 6% 92 10ft lOOV 100% -HIV +0V 6.69

BijFonirat 7% 92 10D 100% 100% -0% -IV 7.16

Ind. Fund Rnlnnd 6V 92 30 98 98V -i-OV r4% ' 7.02

Jaean Dm. Bank 6 94... 100 100>* 100% HH0% ' B 522

Kobe Citv 6V 92 100 101 101V 0 -OV 627

Kommunlane TV 92 ... 3S 100 'MOV -1 -0% 72l
l.onrho Int. Rn. 7% 92 80 9W» 90% -i-OV -W* 825

Mbeui 09K 6% 92 100 . 99V 99% -i-OV -0% 6.S7

Naflnaa 8V 92 SO -83 93% -0% -mv 922

New Zealand 6 92 ..... 100 101% 102 -f-OV -0% 5.79

Philip Morris 6% 92 ... 100 104% 104% ^OV -0% S2B

Phil'm Morris 6V 94 ... 100 102% 103% -I-OV —0%' '627

Renfe TV 82 90 99 99*J -*Va -hOV .728

sakmii Pte. 5% 92 WW . 70 103 103% -OV -1% .943

Sos. Line, de Cnr. 8% 92^ 90 106% 106% -f-OV -f-0*a 722

Sec. Line, de Cnr. 8% S3- 90
Suensha Handels 5V 4Z ' 100
Tinrier Waaler O’, 9? 100
Vorarltwra Knrff 9% 92 SO

102% 103% -i-0% — OV' -627
99 99>j '-POV +0% .728

103 103% -0% -1% .943 '
106% 106% '-*-0% 728 -

9Ty SSV'HIV O 7.00
96V 99% -0>« -OV 8.47 .
102 10ZV -i-0% -OV >621

coNvemmE ~ -cna. cny.
BONDS . .' date price

'Aflnoineto S%' 96 7/81 - 933

Bow Valley Inv. B 85 ...' 4/8143.12
Bridseetene 'Tire 6V-86 '3/P9 470
Cenen'SVB 1/»7384

Cenen'7 97 7/827484.

ChugaLPhann. 7%-SB 7/B27D9.6
Funtsu'Panuc 4V 96..;i,.10/S1 5641
Furukawa Elec. 6% 96... 7/81 200
Hitachi Cable 5% 96....... 2/82 ' 515

Hitachi Cred. Cpn. 5 B6.7/83 1612
' Honda Meter 5% 97...;:. '3/82^841
Kawesaki ^ 96-...:..-:.. 8/81-229

Marui .6 96....;.... i. 7/nB«62'

Minolta Csmere' S 96 ...10/818262:'

Minorco 9V 97 .: .,...-5/82 8.15

Wurata 5V -S8 .:... 7/BT 2165

N»* 5% 96..; 7/« 168

Nippan'Bectric-5% 87... 2/82' M6 -
Orient RneneeBV 97 3/SZ 1206

Sanyo Eleotrle S 96 10/BT' 682'

Sumitome.Sae. 5%97;;.-.3/K677'4
Byniiemo-Afet. ^ 9Br..H^Sg6.T '
Swise Bk. Cpn. A 90... 8/80 W 1 '.
Konishiroku.BV 88 -'DU 6/82 «1S
,Mhaiib‘>shl H.;6 89-hM 2/82 . 293

Bid Offer day - Prato

SB .69% b- -SLM.

' 9S 96V'-f-Q% 57.12-
M .87% 0 . 420
89% 91%-i-IV .820
99 .iaOV.4-Q% . 228
10SV309%.-i-5V 422
74 75 ^2% 15.55

S. 87 -0V-52B
-52% 84 . -QV . 421
70% 72%' .-I-OV 1127.'
.58% 87% -i-1V 17.91
.04 .57V-1-«% 2826..

94%. -98V.--<IV 394 .
95% '51 -f'OV .30.26
-f84 59 -.■■i-.T -. .'19.97 .

.96 57%ri-(^ 9146,

-78% .77: --GV^23
« » -<► 9-42

.W* 66% -K --10.75
•1% B2Xt 1324

S' 4».

egv 6* ' ' 0 '4540-
JSS rev -9% 29.65
102%1P3V. -ov.; 14.15- '
'98V 8% XI - 3844 :

Awaraga-BrioB ehanosa... Cbi dax -k0% an wwdk rr^ '

e The Finanefat -nmaa Ltd. •1982. Repraduetldn m n^ole-
K '1|t part In. any Torm -not -pamltMd wfihout writtan'
cm^MAb Data auppliad by^DATAS-TREA^ -.

;■ * No infiraatkm. STsUAleJ-
: preribus pz2^

. .tOi^ one maito makv •

_ :. supply, a Price. .

.’STjiAIGBPr

the i»'xetiemptioii-.of
;tiie nud-pric97..tiie affioi^.i^ed
-js fli milifpQs- 'af enfzencT. imits
Vexie^ f(w,Yen;6fmd8'vfie^-U is
.in-ibl^oi& ..Oaaa^iDa'yfeek=
Cbaage,.Dper'p^cfra

■floating RAIB- iirOTEfi:

. Denomina'ted .in.. doUsrs 'oxiless' '
othowise ' ji^licated. •' Ooupba .
.'rii'own i5.infamBimL-.-'Cfite=Dat9 -
ji^. coupon heeftmpB Bffef H w* - .
Spre«d=Ha;^ln 'above sfxmonth'
offered rate ' (J thiM.- month';

4 8bove . mead rate)- Am U.S: -
dollars. C.cpn-~^e '■ coirexrt- -
.couptm.-' - -C.yld-=T.Tiie-*;ciaTexit-.
yield. . • . .. • . >.

; (QONVERTIHLB BONDS: De-
'nomlnated.'' in .'^'tioUars '."boless '
otherwise indicated. ■' day=
Cbange on day. - GnT. date=:First '-
date for convezsuu into shaiw.
Gdy. prtra=Noiiunai -amafi:mt 'Of -
b oBid • pdr share, expressed Izi
.currency of share at eoiiYersioD -
rate fixed at^iriue. 'Prem'sPer-
ceb^ge. ifte mten of ihe current .
riEecDYB.'- 'ipevse . of ~ aeqpiiting
rinres-' -vhL-'.tiie. -bond "over the
moA raoboit price -of 'the ritam.

The -shows ihd '200. latest ■
intenzational-boods for irtiiidi
an adequate secoodaiT market
'eftfsts: .?%e!pcicri oTer-ttie .
week, were sttpiriied byr Kreffiet* ...
bank NV; Credit 'Codunerdal de '
France; 'Credit Lyoimais; Com- '
ineRbank -AG;.- Deutsche- Bank
AG; Westdeutsebe' -Lasdesbank "
'GtP02eDtrri8;'---Bangue -'Geoerale
dn Loxeffibdiug' \Ban^e .
InternaiHonale ... .- Luxendnmrg;
-Kred-iethank- Lizxemboorg;
Algemenfi -Bank Nederted MVr
^PieES(». -Hridring. and .Pieraon;. -
Credit Stdsse/SwisB Creffit
Unfon Bttiik-. .Switzerland;
Akroyd.. a^: Snithm; ' Bank ■

• of ToSare Jpter nd t fo n a ^ Bankas
'Rust lutenatfonal; ’ Chase Man-
tettffi; ■ . G^cotp . Lktecnatlonal
. B a n k ; . Credit - Cosunucial - de

• .FrMce:_ JSeCicrities) Loaden:'

, WwR - Bundle'- NV; Deltec

Settles' fUK)- BBC; -Piret
t^lrago;- Goldman Sariis .totei^

PeMkody- mtentationai; Mmdll
web;- Morgm Stride Intei>

NDmura Izdernattonal * '

.Drtdn. 'Boyal- ‘Brnkr ' '-Samnei '
: ympgu aarriUo.;
ga nfcj> So oete. Generale fibres
' Sonutotto . Flnriiea '
S. G. and

. . .Qosi^.pricfe oin.'^ ;

FinancJal Tiines ?.Ionday August 2 19S2

COBittBies asd Markets

17

WORLD STOCK MARKETS

NEW YORK

1983

riign Lew

Stoeic

July

SO

1982

MIgh Lew

Stock

July

30

40:«
27i»
C8
44 1«
20

S4kl

SI

27V

SSSr

14:'

29>;

ii;&

2516

3?

IS

:9V

AS:? Lnoustriea .
AMF. .

Ai%A ■ ■■■"

ASA

Avx Cora

Aebe* Uabt

Acme C(««c.. ..
AiJsbo 0.1 & Scifi

26.:
14--
2B
30 >'
:e

SOifr

374,

1-5

Sftis
36 !a
22 V

6-.if

874* Columbia Oa»«..‘. £744
!71g Combing tnt- . 807s
SS<? Comoiist(L ^g«.. 89
19tv Cmwith. UrMti.. 80^«
4944 Comm. SatelitSM. 58ig

47.'i

33^

14%

81 .)

57 V

25%

13-t

S%

27

24

!5

12

£5%

24%

23 0

16

29

17%

30%

00

33%

29

45:0

S9%

31%

34%

15%

B^-

14%

9%

3«%

as

54

39>0

48%

18%

28%

17%

24%

15%

18V

9%

44

35(.">

41%

13%

36S*

asT*

99);

243;

Advanced Micro.. 2S

Ahmanson 'H.F.t
Air Frod Si Cncn>

Aicsrx

Albany in*

Aibertc-C'jiv,...
Aibcrtaon s.....
AlcanAlumlnlum
Aico SLandaro, ,
Alexander SrA;
Alegticny <nt .
Allied Corp . ,
Ajiled Stereg . ;;
AJIid-Cbalnic.'^
Alpha Pcrid

o>« .
1^-

ts>:

C4

35^®

is:,

!9J6

22

20

541;

26 7g

8S..

14V

15

11%

Comp. Science..

. 13%

32 >7

2'i%

Cone Mills,.-

. 23V

27«l

21%

(ionrac

83111

38s<i

17

Cons Edison _...

. 17

37 -

29V

.Cons. Poods.

35*8

42

5ZV

Cons Freight

41

2SV

ZOl0

iCon.Nat.das

i 21^

454

ZSSft

Sal.q

S6V

17:<

36V

161b

414

. IConmuer Power
3 !Cgnt. Air ljnes...i

22 V 'Centl. Cerp..-..,.i 22?6

?9i4 'COf>tL Group S9V

15 'Coot} illirtoiB....

IS Contl.Teleph ....

23 Control Data,..:

16

ISli

8414

S3)'.

S 2 V

19

20 !,

■ 16 V

18V

SO

43V

36lt

39V

31 >4

35 14

. 4 '

37

65V

S3V

IIV

361;

S3

9

33V

25

18n

26

<31-.

6 '.

Aleaa

Arrai. Sugar... ^

Ainax

A(nc. 7 hi Corp
■Amerada Mecs.".

Am. A. nines, ...

Am, Brands

'Am SroadeasVd

Am Ca.n

Am, Cyanamld „,

Am. Sleet. Pswr.

Am. Express .. ,

Am. Csn. Insnee.

Am. Keisf 6 Dk...

Am. Home Prod..

Am, Hesp. Suppy' 39
Am. Mcd.eal Inti 23 *:

Am. Motors

Am, Nat. Rcsces,

Am. Petftna,.

Am. Quaer Pet..

aS.g

39

27:-.

28V

57

33.S

9

37

3:

26

S5i4

S2'*

21 J*

'Cooper inds

21 %

IS

9:?

Coers Adolph.. ..

lev

2 b /*

: 13

.Copperweid

13

667*

397g

'Corning Gla»....i

45

22

19**

Cerroen Black...,

20 %

SSif

S4

ICox Broa«tcast'g'

2‘/7s

S5i;

18 V

Snutc- }

18 V

36

23%

Creelter Nat 1

R5lg

30%

, :iis^4

■Crown Cork

25

22 %

16%

'Crown Zell

16%

393*

26*4

'Cummins Eno ....

27V

45%

34

-Curtiss-Wrigrit

55V

830

bV

Damon |

6 %

sou

25%

23%

54*. .

46*a

Dart A Kraft

63 V

54V

35%

-Data Gen

24 V

39S;

26*1

Dayton-Hudson-

35^4

36

22 1 -

22 %

3514

323}

Delta Air

29%

34%

22)2

iDenny's

£ 6 %

MV
46 Zj
603B

19 V
SSV

so

Am. standard

Am. Stores

Am.Tsl.&Tei

20

45’

383i
59 S 4
267«
34ie
18V
55 >s
I87s
8714

307s

U 14

361:

31is

34

46)4

277|i

21

27V

L 25%

Ametekine

251:

24 i?

14

'Oentsply Int)

239*

Amfac

18%

12%

11%

Detroit Edison....

11%

Ait.P

62

40 Sg

35)4

Diamond Inti—...

38%

Amstar

217*

2SH

1V*0

17*0

' 2074

Amotead tnds.....

30

1Q|<

8

DlGiorgio.,._

9

, 13l;

Anchor Keckg....

13*a

887*

651;

Digital EouIb... .

66

Anheusor-Bh

13%

10

JJV

' 12i-;

Archer Darnels ..

13 V

84%

19%

Dillon -...1

22Bg

. 16%

Armeo

Z5V

58tg

47%

Disney IWaK) 1

60V

X

16%

5%

Dome Mines

5V

46ic

36

Donnelly (RRl 1

41%

13%

Arrrstrong CK..._

15%

S2T0

20*e

Dover Corp . ., 1

81 14

■ 6V

AsameraOil

7

26)4

19%

Dow Chemical ...<

20%

3759
207e
2 «.'
33 Ce
22
1 *U
2 Uc

Asareo

Ashland OH ....
Assd.D. Goods.
Atlantic Rich ..
Auto- Date Prg, .

A'i'co

Avery Ir.tl

2 1 '.'.
241:
33 ^A
36 V
23 :<
16'<
2594

48 I 4

SSie

14'.;

237$

75:2

58

1914

36

14 V
11
20 V
S87g

SOU

15

Dew Jones SSV

DresBer 14?a

Dr. Pepper , IS.&a

Duke Power I 211 b

Dun 6 Brad..
Du Pont
EGftr*

717b

30><

17V

50V

SO's,

38.V

27V

-2«M

J9V

21^

44 :.

55V

t8:«

517.-

sew

30V

39‘.-

SOL-

181.:

22^1

18V

12 -MS

ISm:
561;
261:
1 31 ..

57

3:14

Avnet

A.>on Prod . ..

Baker Inti

&al:Gas&Ei . ..

San Cai

Sa::ger Pvnis
S-inkAmorlsa .

SK.ik or N.r. .

Bankers Tat N.Y.

Etarry Wright . ..

Bausch St Lemb.‘ 41 1 ^
Baxt Trav Lab.... SS:«
Beatrice Foods..

40i;
20 W
lew
C 6
191;
12 V
1 :
58i;
291;
15V

20

BV

47 h Ge'xer inds . . .

5

23%

16 Eeil A Howell ...

20 %

!$•«

l.’l'% Sell industries .

15V

SBir-

45 Sandix

481.,

19%

X4-''i Beneficial

17%

83%

IS Gall) Steel

16

S7'-:

16 'e Siq Thee inds

18

It

IS'.- Slack A Decker..

12 %

*7*«4

25.>., B'oek HR

2 b «

25%

S0% Sue Bait,.

24

23%

:s*f Basina

38

34^*

19% Bcise Cascade. ,

aiv

35./.

£7 Borden

S3

235 ,

5H
24
77 ;g
32V
14ie
24 V
29

4Ti*

27V

481;

1258

36

25V

16V

S

141,

66

22-V

lOiA

17V

187a

2 V

15

40)4

7V

281,

lav

:Easco 19V

Eastern Airlines.. 5V
Eastern Gbib A I 6 I 4
-Eastman Kodak.. 76 Ab

Eaten. 22V

Eehlin Mf 9 ; 13 V

Eekherd Jack.. .. 18&s
Electronic Data.' 26V
Elect, Memories. 4

£IPase -

Emerson Elect..

-Emery Air Pgt

Emhart

Enoelhard Corp...

19ie
43 &e
9V
28 S 4
80V

29

26V

60C-,

85V

ISV

3B

36-4

I9V

54 ;r

87V

if!!

17 .'3

28 .:
261s
U

Borg Warner..
Briggs Stratn.
Sristci-Myers..

Srocr.way Class.:
Brerwn Permait B’
Brown Grp . .
erown ASiuirp..

86)9 Browng Ferris....

16 Brumwiek

25.!«

24 V
56V
18
14
34 V
38
14!i

30V

20

247*

eov

24

17Sb

26V

sov

27Sa

Zlki

41,

25V
22V
1148
2BV
llB
441;
24 ?B
13

3414

III 4

16V

40

18V

7

Enssrch

Esmark ..

EthyL

Evans Prod.,

1814 Ex Cello

26

25V

121 ,

S!r

19»4

18

.7'b

lau

33-n

llfn

97a

28

7

Exxon

FMC.

FstMrge

Pedders

Federal Co

Federal-Mogul..

Fed. Natl Mort. .

.Fed. Paper Brd...' 18V
Fed. Resources... 14«
Fed. Dep. Stores' 40 V

FielderoatMl 17s*

irirestone,...

1st Bank System
1st Charter Fin.

16V
41V
82 H

7l0
24 V 4
86
2SV
ism

34b
22H
19 V
IQV

1988

High Lew

Stock

•‘SI?

8 V I 37* 'GL Atl. Pae. Tea.' 7s*
4 ia ' IV Gt Basins Pet . . !v
57 V ! XO 'Ct Ntfin.Nekooss. 31V

14V i 9 ~b ,'Gt West Financi.. 12i<

153« I 18V Greyhound 1 13 v

316a I SIV lOrtimman ; 31 >4

UV ;Cuf A Wssten....! IIV

Sjb 5V
S50V 158V

17

34V

30Be

S2V

28

16V

37V

17V

20V

40>4>

19)4

IXTb

34

19V

23V

4SV

66V

46V

3976

51V

8 SV

83Ss

237b

21V

lOV

Gulf Oil

Hall IFB)

Halliburton

rtammemtlll Ppr
Handlaman .. „...'
17 V .Hanna Mining . ..'
12V iHareourc Brace.

‘Harris Bancp

Harris Corp......

Harsoo

:Hcda Mining

'Heinz (HJi.....

Heller lntl...«

83

2QV

16

6

25

134,

167 g iKercules...

323(
30V
36 V
2QV
21 V

Hershey

HeuDlein .. ......

Hewlett Pkd

Hilton Hotels^.
Hitaehi

26 V
28
2SV
32
13)8
18
13V
246,
261 *
15V
87s
51V
13V
17 Jb
48 V

467b

4160

32V

ZlV

297*,
64V
S7V’
7670
11 '
19V|
841sl
567 b
19S|
201 a'
80 V
30i|,

2754 :

24 'Holiday Inns. ‘ S 6 V

31V iHoRySugar 35>:

17 V .Homastake

627 * iHoneywall.... ......

6 V Hoover

14 V .Hoover Uni

161b HormelGeo.v

26V Hospital Corp 35

147* ^Househeldlntl.... Z 8 V

1414 .Houston Inds

lOV Hudson Bay Mng.i
Hughes Teel

Humana

217g

661;

9V

16i,

16

16V

15V

18V

86 V

9

39 V
34V .

13V :
28V
14Sfl
8 »s I
13V !
I4fis I
57V
24V
34V .
88 ■
351s ,
317 b
67V I

4 Husky Oil

22 Hutton lEFi.

85V iieinds.

loss :IU Int

ISV ildeal Basic Ind...,

6 V Ildeal Toy..

5 ilCIADR

4V 'Imp Corp Amer»;

8 V 'lNCO...._

38 Ungersel Rand ...,' . . .

18V iimand Steal 18V

20V lintel 32 V

19 Inter First Corp.,i 19

82 V 'Inteiiake 26 V

SHa Inter North 1217a

563a IBM.. 6 SV

4

257a

25V

12V

14

14V

5V

5 I 4

85b

38V

23 V
8 V
9V
59V
13V
30V

61 <4

23V

S9V

377a

22V

24V

42V

16V

27V

19V

167b

31V

17V

87b

*7V

827g.

9V
22 V
33V
19V
23ig
89
16
176 b
3SV
lOV

IntL Flavours

Inti. Harvester...
Intl.Inceme Prop

. Inti. Paper

Int. Rectifier.

Intl.Tel A Tel

.Irving Sank.

.JamaaiFS)

Jelfn-Pliet

Jewel Cos.

JimWaJter.

Johnson- Centr...
Johnson SeJn*....'
Jehnthan Logan.

20 Sg .Joy Mnr„_

15v K. Mart,

12 V -Kalsar Alum

16V 'KaiserSteel

23

4ia

9

3474

9V

23 V

3470

22

24
35
21V
211 ;
5950
13
20V
17V

12 <4
17

22>0
io:*'
13 V
26V
3Sv
38 V
24 V
6 SV

478

34ig

17V

9

St't
171;
81
29 <;
2 a;i

12V
6 V
. 8
22 .
84.

23
17i»
57 V

IV

27V

IIV

67*

23V

95,

14V

21

24

Kaneb Services .,
Kaufman Brd»....'

Kay Corp _J

Kellogg..’

Kennamatal .... ..

Kerr-MoGee

KIdde

Kimberly-Clark . .
King's Dept St,
Knight Rdr, Nwe.

Koppers

Kroehler, .

lS?r.;

Lanier Bus. Prod

LoAr-Sisaler

Lease way Tran a

13

7V

8 .

25i>
24
26V
17V
59 >4
154
30V
111 ;
8 V

36V

95,

16>4

S3V

S 6 V

lOV

28V

10»4

21

=«V

Si::

2 Q

iV‘

47'*

as'.i

S9V

15V

56

29

40

35

79):

53V

46V

IIV
18V
35V
16 V
S9V
26 it
35. f,
32'.*
55.0
7?4

28 W
19V
24 V
29t
167;
26v>

29 V

Bucyrus-Eric

Burlington tod ...
BurlingtonMrthn
Bumdy

Burroughs

CBi Inds.

CSS

CPC Inti .

CSX

Campbell Red L.
Campbell Soup...
Campbell Tr«g «
Canal Randolph.
Can. Paesfle. .. ..

Carlisle Corp

Carnation

nv

aoj 0

357;

16Tt

SEV

25ie

SSfc

S2V

38

llV

344s

29

37 -V

29V

80-4

33!.

CvpTech.. ' 29V

ISV

MV

88 V

53

S 6 V

16V

137a

12V

2170

3V

19T|

8 V

9V

60

36V

37

‘ 2 -*
8 '4

4714

liv

34V
42 V
877.,
176:
12V
10
lOV
14S$
IV
12
6 T|

Carter Hawley.,.. IIV

Caterpillar ■ 36V

Ccianasa Corp..., 48 V

Cental .

Centex

Central A SW......I

Central Soya.

Certain-teed . .

Cessna Aircraft-
Champ HoneBId

Champ Int:

Champ Sp Plug..

6 St Charter Co

S4V '.Chase Uanhatt'n
S?,« Chemical NY
Cliesea Pend
Cnieaqo Pneum.,
Chrysler.. . .
Chubb

307b

nv

. 3V

38>s

28V

21

15V

10

liv

14 V
3

12V

7V

7V

35V

S7V

52V

12

7V

32<q

19%-

13*0

1st Chicago

141;

S3S)

■ 17

1st City Bank Tex

17%

35%

28 V

1st Interstate

25%

16);

7^

IstMiesissipoi,...

81*

SOV

219*

1st Nat. Boston..

23

Srt,

s%

1st Penn.

£V

6-7C

2%

Hsens.

6%

18%

lOV

Pleetwood Bnt .

18

21*.)

13%

'Fiexl-van

20*8

33%

26%

Plerida Pwr A L..

52U

24%

17.0

Ford Motor... .

Z2S

37V

29 V

Foremost Mc)c. ..

29%

16%

10 10

Foster Wheder..

107;

23*4

13%

Freeport McM. ..

13%

21V

IbV

Pruehauf-

17)8

15

81:

GAF

10>4

399 .

201;

GATX

20%

32

28

GTE Corp,

28

37)*

291*

Oannat -

35

21 ;

143}

:Gelee_

15%

21V
49)s
32 V
69 V
39

45 V
4SV

46 V
7V

38H

2870

B7g

14V

5SV

19

653s

29V

SIV

33 V

34 V
4V

32as

177a

3V

Gen Am Invest ,
■Gen Cinema ....
iGen Dynamics .
Gen Electric ....
Gen Foods

14,4
46V
29 V
65V
36Sb

-Gen Instruments: 36 Ib

Gan Mills .

Gan Motors ....
Gen Pub utiiitis

Gen Signal

Gen Tire

Genesee

43

42V

6V

34:4

22);

4

64V

2670

894*

56

263.

ztjs

38

14H

IBV

»V-

18

14

88 V

32 Cigna . ..

•19)4 Cinonnati Mil. .

S3v Cilicorp

24V -CaissScivice..,.

17V Orty!. 7 vcst

lev' •CtericEcuipment
lev <CM«» CMfs' iron.

10 «s iOom

lAi -jOBwitt FesDy ....

80V «peaCeia-

16 IB&ataPaim....
10V iComns AikRian
2 SA Sttilt inds

33V

21’t

24:1

64 s.
17:>
ia»-

167-.
ISV
JS-'f
36-^.
I6.‘g
13.,^
23 V

SSi/.
£01;
51 7»
50V
644
297.
56 .V
23
22
26':.
26V:
45:3
41

2970
13,0
28i<
196 b
41Sf
12 V
30V
8 ’-.
167a
18lc
201 $
30 V
34 V

Genuine Parts....
Georgia Pac-,.-.

Geosouree

Gerber Prod

Catty Oil

Giddings Lewis .

Gillenc

Global Marine.. ..
Goodrlen iBFj ....
GoodyaarTIra ...

Gould — ...

Grace

GralngeriW.W;.,,.

32H

144

1974
47 A.
29 rp
57 V

874

167b
83 V
21)4
30>4
35V

59 S 4

28V

37

83V

31V

20)3
20 V
SOV

Lenox-

Levi Straun.

Lavitz Furntr...;..

6 SV I 62
44V ' 36V

Libby Owens Pd.
Uly IBII

S7

58V

98V

26ia

Sirs

32 V

sov

29 V
23V
16V
25)>0
6714
16V

Lineein Nat

36 V .Litton Inds. .

UV Loekhsad

Loews

Lena Star inda.,..
Longs Drug Strs.
Louisiana Land „
Louisiana Pao.. .

Lowenstem-

Lubrizoi

Lucky Strs.

M.A Com. Inc . .

MCA.

MacMillan

791;

lev

24V
2SV
14 V
SSl4
14.*
ISSb
12 I 4

58mi

ll’t

3B»s

237*

28V

201 ;

547*

3TV

401;

56h
goip
19m
30 Sp
24
I 6 I 4
26
16
13 k
141s
64^,
12 <<

2 !

67

81V

24V

ll'R

12 !;

X9Sg

697b

29

58V

69

16V

1450

31V

357r

85 V

MGM 5)*

Metromedia 215

Milton Bradey.... 16V
Minnesota MM.... 63V

S25, 'Mbuuri Pac ; 53V

207g ;M0bii I 207g

75 g Modem Marchd' lOV

10 Mohaseo ; lOV

14V Monarch MT 17

571s Monsanto- ' 635j

16 Moore MeCmrk..' I5i«

Morgan <JP)

Motgrelo

Munaingwoar.. ..

Murphy IGC)

MurhyOil-

Nabisco Brands-
Naieo Chem

4670
601a
12 V
9Ts
17TS
29!i0
167 b

49V
66 >
13
137b
18V
S4l0
19V

SIV
24V
ISV
26V
57 V
327*
39)2
20 >2

40V

34V

42V

31

25V

if'

36V
20
14 V
371;
4SV
26
26*8
1570
26%
26
28%
24

.Schlumbarger.

'SCM ....

Eeett Paper . ..

;Seaeen

iSeagram

iSealed Power .

Saarle tCDi

iSears Roabuek
'Security Pae..,.

'Sedeo

Sheli Oil

iShell Trans

18V iSherwin-Wms —
14Tp .Signal

.v .aiyiiAi * ■

3470 jsignode- - 50

35>t

21V

14V

2 SV

46*0

30V

34 V

19)0

27V

27 V

31*0

2670

24

147b

CANADA

1988

High ' Lew

StoeR

July

30

S3 , 15V lAMCAiRtl..- I If '8

22S* 15V lAbitlbi - ! 15%

S 6 lAgnice Eagle.-.. { 7,37

26fg I 20% 'AleanAlumln ; 23W

43V ' 8314 lAlgema StasL.... ffV

10 Asbestoa.- ; ifU

17 1| iBk Montreal 1?V

SO Bk Nova SeotlB...' 26 V

2.15 Baalc Raaoureas., 2,65

19

2370

27V

4.60

2170
24 V
24
281,
IBV
24%
26V
16)0
24 V
24
16V

issg

20

19

16%

12)0

ISI 4

22

7S0

14

14V

12

17

80 <4

Nat can

Nat Detroit ... .

Nat DistChem.. 20>:

Nat Gypsum 16:

Nat MadiealEnt
Hat Semieduditr.

Nat Service Ind.

Nat Standard..,.'

'Nat. steel

Note mas

NCNB

14:

19V

26

7i,

14Sp

147«

18

56V
88 %
17V
41V
43 V
14V
35*0
SOV
39V
39%

39% -NCfi ; 52

24 V iNaw England El. 27i
14V 'NY State B A G .. 16V

33 'NY Times | 37

87V NawmentMinlng; 32%
12)4 'Nieg. Mohawk..-' 13%

257* ,NI(»R Ine- 8570

41 iNiaiaan lACi A. ... 4 B 7 g
26% ;NL industries.... 16%
20% !nLT 37 V

10

ISV

17

43%

71%

11

I7i*

171;

S3V

13V

30

46

40i*

347i>

30%

34

88 %

2BV

38)2

26)0

6 Sa
12V
16
igrg
627s
10 V
12V

6 % Simpllelty Patt...'

11% Singer

IIV -Skyline'

19Ts smith intI

57V 'Smith Kline Beck

8>0 [Seneita Inti

Ill* ;5ony. —

13 V 'Southeast Bankg- 14 V
22V iSth. Cal. Edison . 28V

11V ISouthem Co

21U ;sthn. Nat Res....

41)0 .Sthn. N. Eng.Tel.

29V Sthn. Paci^ . ...

25V Southlands .. . .

21 >s |S.Ws Baneshares
207* .Sperry Corp... ..

20 'Spring Wills

20*0
19 >4
S3V

84

6

12V
34
13V
IIV
34 V

17V

lOV

21

12 %

2,80

6 V

18V

17%

14

82 V

•Belt Canada

180 W Valley- j

{bp Canada

Brasean'A j 14V

•Brineo - ' 3.50

:b. C. Forest

,CIL me

5V CadlllacFalrvlewi
8 l 0 Can Cement

7%

18%

5V

8 V

HOLLAND

1982

High . Lew

July 30

Price

Fie

18V Can NW Energy..; 24

22V

29V

80V

18V

82 V

411*
SOV
S3
22 V

2070

87%

33V

29

88 V

40*0

I 8 I 4

36 V

S 8 V ICan Facker»,...-.|

18% :Can TruscO

167* !Can Imp Bank.,..

25 iCdn Pacific

13 .Can. Pac. Ents...

29);

21V

18%

25%

14V

31V iCan Tire 34 v

'Square D ' 287 *

'Squibb

34 V

STD Brands Paint 85%

46);

SIV

40V

88

4V

53%

31%

24

78)4

10 %

25)8

40%
20 14
30V
231*

27s

39V

NerfclkSouthem' 45%

iNth.Am.Ceal ' SOig

Nth. Am.fPhilipB.' 35%
Nthn.StatePwr.. 26Sa
Nerthgate Exp.. .

Northrop

22V ;N West Airlines...'

17% NWectBancerp...'

45 ;N%veet Inds 1

8 V :Nwestn Mutual...!

147* Nwast Steel W. ..

42v I 24V iNorten.

821*
23is
28 V
27 V
33V
14
24V
18%
30

31

S3

2A7i

18

45

8V

ISV

26

, 16V iNorten Simon 20%

' 17V .Oeeidantal Pet ..I 17V
I 17 'Ooean Drill Exp-' 17

177b 'Ogden ' 18

I 28V ;Ogi|vyAMrth ■ 32

1178 OhloEdiBCn 12 %

OHn - • 16V

Omark 14%

Oneek- - 24%

40>4 '

49 V '
39 V ■
17%
23% .
28)4
17i0
S4V
34V I

41V
34V .
19)2 ;
41 '
54)4 .
34iB
391* I

Std Oil Ciiromia.
Std Oil Indiana...

Md Oil Ohio

:Stanley Wkt.

.Stauffer Chem.. -

Sterling Drug

Stevena iJ.P.

85 V
35 V
28
131;
187*
8070
14%

2SV
34V
27*1
12V
17V
201b

13

26 stokely Van K 30V
17% storage Tech .... 17V

29>s .Sun Co. 89V

23)i :Sundetrand £ 8 %

23% .Superior Oil 27

161a 'Super Val Strs.... 18V

89 isyntex ' 37%

4SV riRW ... I 80)*

28*8 iTaft

iTi

SIV T;

ampax

161;

13%

24*8

26%

16V

22V

29

£3)|

3778

217*

24*,

27%

25V

187b

11

15%

21V

17);

2914

13V

80%

2 ETb

15V

Outboard Marine: 22 i*
lOrersaas Ship.... 11
Owens-Coming -
Owens-Illinois ....

PHH Group

Pra Inds

Pabst Brswing...

Pae. Gas A Elect.'

Pac. Lghting .. ..

Pae, Lumber

17

2178

191.

35%

175

83%

24*8

15V

25 V
41*
39V
80%
82
6)8
41
41)4
481*

13':

2 %

21 ):

9%

15)0

5

21 %

27%

Palm Beach- . ...

Pan. Am. Air

Pan. Hand Pipe..
Parker Oriillng . .

Parker Hantn

Peabody Inti. . ..

Penn Central

Penney (JC>

26V 'Pennzoil. ...

34

■ 3%
817;
9%
157»
5

2 SI 7

39V

26*j

36 V
137

56
321?
25V
58%
40
63 V
34
94
33 1;
235,
275j
291;
.56
37%
151;

37
47

26*8 Tandy

89); Tcledyne

48 V Tektronix

83V Tenneee

14 V

24% Texaco

27V Texas Comm. Bk
Texas Eastern ..
Texas GasTm ..
■Texas Instrirn'ts
'TexasOtl AGas..
Texas Utilities ...

Textron

137b Thermo Bicetren
44)4 Thomas Betts ...'

18% Tidewater

5?8 Tiger Inti

2770 Time Ine

39 V
22)4
70V
21V
19V
17V

37V .Timas Mirror 38

87*

41%

28

25V

17V

61

36%

15V

27%

S3V

3970

46V
291*
32%
25 14
8
94
21V
50
89%
87*4

7V
38
17%
19 V
11 V
50)4
19V
15%
20)0
4Sl0
25V
37
14V
22
12
5*4
64
16%
81
2SV
78%

Peoples Enargy-

Pepsieo

Perkin Elmer

Petris Stores

Petrolane '

Pfizer

Phelps Dodge....
Phila Elect .. . . .
Philbro Sal'n Inc.

Philio Morris

Phillips Pet

Pillbury ....
Pioneer Corp. .
Pitney-Bowes- .

Pittsten

Planning Res'eh.'

Plesssy

Pdiareid.,,-

Potfateh

Prentice Hall .. . .
Proctor Gambla.i

8)4

39

17V

23

11 %

56

191:

1410

25V
48
25-V
3918
14V
32
12
61;
90
21 V
21 %
25%
8 SV

65
27 V
31V
13*4
34*1
22 %
84
22
26V
6 %

45)4

5V

18V

8

2418

Timken

Tipperary.

Tonka

Total Pet

Trane

16% .Transameriea • ..

19% Transway

13 ‘Trans World

18V Travellers.

6 i* Trtcsntrel

207*
16
23 V
21 %
12 V
651;
SQV
51

17Sb Tri Continental .
97* Triton Energy,...

Tyler

UAL

UMC inds

Unilever N.V.

Union Camp

Union Carbide....

12V

15l«

7V

SIV

42V

401*

38V

35%

16

53%

85V

25

26%

8 V

26)0

14V

Mac

Mfers Hanover.
Manville Corp....

36

28<0

9V

Mapeo 27V

, , ... .Marine Mid

40V ! 3110 Marriott

35% : 89V Marsh McLenn...'

22 V Martin Mtta

3134 [Maryland Cup

87V iMasoo

1% iMassey Fergn. .
171* 'Mass Multi.Corp.

10!« Mattel

23% May Dept. 8trs ..

36%
39
377*
8 V
16%
19 V
»V

147*

367*

38%

8370

S4V

31V

17g

1750

1310

25*8

89%

15

38V

77

40

367*

55

17

83V

39%

47

38

50%

68*4

86 V

63

34%

82V

7%

16<4

59

38*4

86 %

46%

67*

18%

33%

34

28);

37%

S3V

65)2

53

2278

'Maytag

'McCulloch

McDermott (JR I..
McDonalds.. ..
McDonnell Doug
McGraw Edison...
rZcGraw-Hill . . .
McLaa nTrukg ...

Mead

Madia CenI

Medtronic

Mellon Natl

Melville

Mercantile Sts....-

Merek

Meredith . .
Merrill Lyncn ...

28
770
16V
75 14
37%
25%
50 I 4
16%
15%
3SV
59
301;
46V
67V
697,
581;
85

21V

24 V
SQV
36V
43V

80 '4

13V

£3V

141;

6U

3%

40%

25
141;
12l«
37

18V

20%

241,

241*

32%

6V

8%

1678

111 *

41;

2

39V

11

10%

19

26%

Pub. Ssrv. E aG,
Pub. S. Indiana...

Purth

Puroiator

Quaker Oats. . .
Gvanex .. .

Questor

RCA

RaiBon Punna.
Ramada Inna .
Rank Org. ADR
Raytheon ..
Reacii.ic Bate* .
Redman Inds. .
Reieiihoid Chem
Republicbanc .

19 V,
22**
30);
321;
41%
6^0
13V
17%
....

2

38%

11

12'':

10:«

2614

35)0

6114

87*

11 la
41
46V
32V
141*
10%
34%
30
SSV
50
S7V
43
21V
SSI;
Sll;
39V

12 V

24 V
307*
6

7V

■24V

83V

26

101 *

9

. 23V
17 V
15V
42V
31
31%
16V
38%
31
25%

71 ,

Union Oil Cal .. .
Union Pacific-...

Uniroyal

,Untd. Brands. .
Unt. Energy Res.

US Fidelity 0

US Gypsum

U8 Heme

US inde '

us Shoe

US Steel

US Surgical

US Tobacco-

US Trust

Utd.Teehnofgs .
Utd. Telecomms.'
Ugjohn

Varian As'wes. ..
Vsrnitren

24V
30%
7%
7V
24 V
8810
89

1270

87g

31V

17V

23%

45V

S4l|

41%

16%

39

49

39%

Di

25V
141;
2St;
301,
14 14
321*
13V
49 V
28 V

15V
9V
15V
21%
8%
23
8%
40
19 V

Rep'.iblie Steel
RcBch Cottrell.

Resort Inti A .
RevcofDS . .

Revere Copper..

Revlon

Rexnord

Reynolds iRJ)....

- . . Reynolds Mtls.

34% I S7>* Rite Aid i 34%

43 V ‘ 30% Roadway Exps..., 43 V

11% Robbins lAHl : 14%

ll‘>« Rochester Gas.. ' 13>,

Roafcwe/I fntf >' 33%

16''»
11%
IQx
29 •>i

ev

23

8%

42%

20%

14lg

14%

34V

68V

17V

26

45V

12%

jRohm A Haas-
Rollins .

50

117*

36)8

12

I 4 I 4

19V

367*

42%

17%

31V

21it
22%
39)0
40 V
34
51%
29V
18%
e

32V

21%

10

8V

14)0

89

347;

12%

237?

16%

Hi:

29<<

31%

261;

3570

19>?

13V

5%

Ro|m

Roper Corp

Rowan

Royal Crown .. ..
Royal Dutch. . .
Rubbermaid . . ..

Ryan Homes

Ryder System . ..
SFN Companles..
SPSTechnoi.gies

Sabine Corp

Safeco.

Safeway s-tores..
St. Paul Cos. ..
St. Regis Paper..
Sante Fe Inds. .
Saul Invest

26% .Sehering Plough

S4V

10

8'']

181,

*11?

39 I;

ISi

30:.

2Q:-,

liv

31

32%

32),

38%

19>;

15V

5%

31%

13%
S4V
19%
2678
34i«
63V
261*
37
34)0
28i|
36%
2770
6%
22 V
30 ■■
887 b
23%
29

11V
40
11!-.
16%
24U
44%
20
27%
24 V
191*
13S*

Virginia EP

Vulcan Matris..,.
Walker (Hi Res
iVal Mart Stores

'Warnaco

Warner Comms-
Warner-Lambt.,.-
Washington Post

Waste Mangt

Weis

. Wells Fargo- . .
19)2 .W.Point Peppl. .
3% Western Alrline.1
.Westn. Nth. Am..
Western Union...-
Westinghouse
Westvace
Weyerhaeuser ..;

7V
27 *e
217?

ie->,

22 %

127*
41V
14 1«
27 V
29V
46
21
36
SOV
£7%
211;
26V
5
9

27%

26);

19

24%

43%
30 ■«
32 V
29V
33%
26^
36%
7

21<:

20%

35V

ID

4i%

le:?

28%

16l«

26%

12%

2312

19V

141?

28%

3

17%

16

29%

7V

29%

10),

IS),

10%

Wheelobratr F ..
Wheeling Pitts ..

Whirlpool

White Consoltd..
Whittakar. ..

Williams Co

)Vinn-Dlxie Str. ..
Winnebago
Wise Elec Power
Woolworth

Wrigley

Wyiy

Xerox

Yellow Frt Sys ..

Zapata

Zenith Radio

26 7f

13 7(.
31%
25 V
16%
14>0

36%

6%

2Hs

18%

34%

10

29%

1410

13V

11%

Indices

NEW YORK

-bow JONES

1982

Since Cmpli^'n

July

28

July

26

July

23

High Lew High Lew

• lndUStr'lsett.M8i:.*l8ll.3a.82S.77 825.4* 830.57 BM.52

H<Bi»Bnde. n.73 S9.S3 M.8E 68.77 60.05 M.Q5

60.87

i27.'5i

7W.es fB1JD 4L22
113/6) nwi(75( (2)7/68)
56.67 - —

T»araport-.8w.75 5^«3asJ» 3U.M 3)5.i7 ii6.25 S8B.«

WiHaaa—

<18l2>

303.75

ISIrSi

103.88

447.38 18.63

(16:4/81) G(7li2l
I03J2 10.5

;30,7j <.2Df4(69> (80/4/42)

31,270 a,BU 56,830 45,740 37,740

47,250 —

ae^'aMgh B17.64 fo)F 806.15

• ■r-.--- JWlsT 23

'ji^ly 16 July 9 year ago (Approx

indti8t'[4liv.y)«id'

6.93

6.74

6.66

6.83

CAWARD AND PQ9RS

1982 SineeCmpilt'n

Jutr

“80

July

29

.July ' July
28 27

July
. 2e.

July

23

High . LOW Kigh Lew

;rBLi(BiSrM.. 11US 180.71
WM IB7.77

196.74-' 122.63 123.64

124.-52 157.88
i4'li

107J8 ffl.® lIBJfc 'll-”

.

“july 14

116,41 180.98 . 5.52

•28/t1/80'(30<Bi32i
107.09 140.62 , 4,407

.so.Ti iSBtU/aeiH/6/SSt
Year ago (approx

•.T'sSrV

^)B^:WliU.005MI0N

Rises and PMIa

July 30 July 22 Jufy £6

1982

7sHies Traded 1?79?

High

LOW

L87 62.64

71.90

■ 61.70
(Ji7i

JStS

Rises....-.-..-.

Falls

Unohangwi-'—

New Highs

Hew lows

691

749

469

IS

84

1^833
S40
889
404
10
• 130

1,860
263
1.348
S39
I 14
111

1088

July 1 July

30 . 29

July
; 88

July

27

High

Low

T.-.F-*

. . ' W2.B' ttOpAS 206,Bi 28iJI . ^*2

: ISi S;- 3*A9a : .a«.4v 250^5

249.68 (21/9}
937.87 (21/B)

Mn/MIE4 W9J 1441.9, 1*^

W2.2 (7/7)

-EtoeEa_C)a8'ng'
' 4>MMd. pHCa'

_ -t ^ : «7V
'v- 7«6CP 26.

. ear. axt • Jsii
4M.90C 291

MW YORK Acnve STOCKS

Change

an

day

■rit,-

—

-TV
- V

NtT

C?'": iiO'sis...

Ssfcs.- ' In-r.i. .
Yeeofc ' • •••

Super, cir O.i •••

Change

Slocks Clesins un
traded price
d'eOCO 37^
ig),

•.a»,

2?

' July
30

. July , July
29 28

July :
27

Htgft

1982

Low

AUSTRAUA
All ora. (1/1/IBi

Metal AMnls.a i'IK

4S.B
: U9.3

- 46S.2 ' 476.4
553.8 S44.3

475.0 1
55S.9

595.5 (4il)
435.1 (b:h

443.2 l8'ri
299,0 lB'7>

AUSTRIA

Credit Aktien (2/I/9S)

48.98 48.86^ 48.89

49.04

56.96 /4.1)

48.60 l2B/6i

BELGIUM

BcIgiM SE (I1/1S/I3I

93.81 93.52 85.66

1

86*68

102.43 i5i4l

96.48 (»iV>

DENMARK

Copenhagen SS (1/1/73)

111.49

11U1: 111.18

110.84*

126,23 (23.>r,

109.0 i12.'7>

FRANCE

CAS General (iiil2/ll)
nd Tendance (81/12/11)

97.0

110.1

97.4 90.8

1)0.4 1)1.4

98.4 '

113 . 0 :

111.6 (12(51
124,0 il2/5i

! 9S.6(4'1)

97.7 i4;1.

GERMANY
FAZ-AKtien (81/12/kV)
CommerzbanklDeelSS*;

223.62

890.7

229.74 224.73
680.3 804.8

225.77
686.0 ;

299.45 %/«)
729.9 (S/4i

218.85-18.'))
660.3 (29.7i

HOLLAND

AN riCBS General (1979]
AN pkCBS Indust 11970)

10 9^

BS.B 07.1
67.4 68.9

07.4 '
BOA

9S.0lf0iS)
74.9 1 10.'5i

64,0 >6/Ii
63.2 (*. li

Harfseng Bank (81/7/84 )192.75 1185.86 1238.13 12 M. 47 :

1445i2lI2/7t

1189.83 (O'i)

ITALY

Blince Cemm ltal.flB7S)

164.60

169.4S 160.89' 156J8

312.66 (19iS)

147.83 rSZ.T'

JAPAN**

Dow Average (18/5149)
Tokyo New SE (4/1/881

7122,08 7145.87 7192.50:7199414'
527.54: 528.85! 551.49 SS2JIS

7926.55 (27.'1i
583.29 (27i1;.

6689.SSi17/Ti
580.23 '6.'7>

NORWAY
Oslo SE (4/1/7Z1

118.5

1)6,19 116.75!

717.18

136.30 (26:1)

109.12 0/41

SINGAPORE
Sendts Times (1988)

S70.29

1 * 1

B75.38i 682.98: 694.94

910,70 (BM)

669.17 (2a '7i

SOUTH AntiCA
Geld«19Hl
Industrial (1958)

4SB.3

BBU

1 :

411.8 < 40S.l|
539.2 ' 559 . 9 !

419.8.

861.0

W (6/1)
711.7 v6l1)

535.5 (9>7)

507.6 (29 16 }

SPAIN

Madrid SE (88/12/tn

93.16,

98.16. 92.80 •

91.49

107.45 (O.'ti

86.61 (lS/^

SWEDEN

Jacobson Q P. (1/1/91)

625.75

998^ 922,241

619.95:

959.62 (22/1)

666.68 i29i4i

SWITZERLAND

Sw)nBank(ipn.(8T/19/88)

244,3

242.8 - 543.8 '

1

244J !

2U.1 (11/1)

237.40 (7.'7)

WORLD

Capital Intl. (1/1/79)

-

T24.0 ' 125.4 !

127.0 ;

147.2 (4/1)

128.6 (7/7)

.tD? cce .

.-«( r.‘j
330.3m

luy

- >4

- V

-i>i
_ I,

- V

(**} Saturday July 24: Japan Dew 7,230.01. TSE 534.07.

Base values of ail indices are KB except Austrafla A(f Orfinarv and Metal?—
500. NYSE All Cemrnon — 50: St:indard and Poors— 10: and Toron-^-l.000|^ Jhe
ia*: n.?Risd based on 1975. t Exeludirtg
induslriuls plus 40 UtillliCS.
u UnsvBilabia.

bonds f 400 indcsiriBi*. $ 40r.
40 ririsneisIS «nd 20 Transper*.*. C Clotsd.

AUSTRIA

1962

High Low

July 30 Price

222

207

Credit'itaJt Pfd..

211

204

180

LaenderbankPId

ISO

501

258

Perl mooser

265

108

64

Semoent

66

17B

141

Steyr Daimler- .

141

210

155

Ueitscher Mag .

187

BELGIUM/LUXEMBOURG

19S£

July 30

Price

High

Low

Frs.

1,700

1.010

'ARBED

1.052

4.100

3,900

Bank Int A Lux...

4,100

2,160

1,490

2.130

1,645

1,230

CimcntCBR... .

1,490

215

130

Coekerill

139

2,050

1,560

EBES

1,695

4.740

3,240

Electrobei

4:200

2.950

2,000

:Fabrlque Nat „ .

3,505

2.720

8.100

G,B. Inne

2,610

1,720

1.200

QBL'Brux >

1,368

1.950

1.490

1,780

3,750

S.S50

Hoboken

3,260

1,570

1,298

Intercom

1.368

5.130

4,000

Kredietbank,

4,310

6,160

5,500

Pan Hidgs-

6,160

5,OSO

4.290

Petrofina

4,430

5.600

4,300

Rovaie Beige

5,060

2,900

1,650

See. Gen. Bang „

8tM5

1.575

1,030

Soc. Gen. Beige.,-

1,136

3.650

3.100

Solina

3.325

S,350

1.620

Solvay

1.940

2,940

2,220

Traction Elect,...'

2.4S0

2,450

1,400

UCB

2.100

2,620

1,316

Vieille Mont .. . .

2,620

DENMARK

1982

High Low

July 30

Price

129

420

148

570.6

145

146.2

646

451 :

1 13.2 Andeleb8nken....'114,2
SOO Baltica Skahd 353.4
125 CopHandel8baAicX26
306 0. Sukkerfab . ..;346,6
125,4 Danskc Bank .....'186
86 East Asiatic .- . ' 91.4
SOS Forenede Brygg.:53S
Forenede Damp. 400

GNT

jydake Bank 175

121.6 Nord Kabel 123.6

1,400 Novo Ind 1,760

74 Papirfabrikker 76

122.3'Privatbanken 122.2

150.2 113 Previnsbenfeen...‘H9

272 167 Smidth (FLi 185

525 46S Soph'js Berend,. 626

14S 67,2'6uperfee..- 96.4

289
191
188
1.817
95
150

3B6

221

170

82 V
54%
184*
81*
8%
9V
5.12
33
17Jg

14%

IChieftain —...I

Comince..-

'Cons Bathet A.
.Cent. BlLCanadai

'Coseka Res 1

5% iCostain —....I

1.58 iDaen Oevel

15% joenlsen Mines... .j
6V :Oeme Mines...

18V

34

13V

6 I 4

3

19V
38
1410
■ 6%
3.28
6

1.71

18

7)0

4,70 iDome Petroleum; 4,70

31%

35%

4012

16%

21%

72

83)t

2.43

17V

5.87

12%

SOV

87
13 V

'Dem Foundries ..
DontEtores ...

16% IDoffltar-....

33

9V

1.80

IOTb

1.80

28

14

16%

jFaleon NiekeL..... 42%

Genstar 10

Gt Wait Life ; 1.80

Gulf Canada. 13^«

Gulf Stream Res.1 2.05

7% IHawk Sid. Can ... 8*t

23 IHollInger Ai^ua— 23%

287*
89 )a
44>s
23%
18
26V
SOV
42%
227*
88Sb
24
21*0
177a
14S,
44V

I 8 T 9

7V

28

24 )t
23
10%
44
26)*
16V
15
19

5

36

SO

10*B

9%

13V

13% iHudson Bay Mng< 14V
15 !Hudaen'e Bay.....i 17%

iHuskyOII 6U

llmatee 36V

limp Oil A I 24%

;lnee 10%

;lndal 10 V

-Inter. Pipe 18

25%

IIV

3.56

40

28%

391*

8);

22%

16%

7

2.00

17*0

77b

2.32

28

Mae Btoedel

Marks A Spencer

Mawey Ferg

22% iMeIntyra Mlnea..

16 iMitelCerp ' ZDs

S 3 Moore Corp 36V

5V iNbL Sea Prods A': 7
ll*s iNoranda Minot,,.. 157*

873:

90 '

31.2'

304 :

93.7
86

204.6
70
47.5.

37 ;
161.5:

151
76.71
76.7!

63.7
I 8 . 3 ;

86 . 7 ;
116.5/

30.4.
ii9.a: 104
37.31 26

,ACF Holding..-..., 79.8
lAlheld .— —— .1 86.3

22.6'AKZO...-.

270.5 ABN— £*70.6

78.0; AMEV...— ^-0

42.6 AMRO-.- 62.6

ISO Srodere Cert ilSl.S

37 Isoskalls Westm. ; e8.«
53jllBuhrmann-Tet —I 33,3

27.51

151.2

106

69

iCUand Hidgs — | 2?.&
EiMVier-NDU nv.,lS3

Etinia - — ,...|124

EureComTet 1 74.s

76.6
60.2

6l.SGlaL-Breead« -.

47.5|Hainek«n 1

13.9|Hoegevans 14.4

6.0 Hunter Douglas .1 8.1

17.6l|nt-Mullsr- i 18.2

82.5IKLM.,.,.

83.2

HONG KONG

1982

High

Low

July 30

I Price
! HKS

22.5
2

11.7

130

6.7

5.96

9.66

12.2

34.86

18.6

13.1

1.5SI

10

76.5
4.67

4.07
6.45

9.8
25,8

13.5

Cheung Kong.....j 13,1

ICosmoaProp I 1.70

Cross Harbour... 10.&
Hang Seng Bank.; 76.5

HKEIeetric- 6.0

HK Kowloon Wh;- 4.2

HK Land 6.95

HK Shanghai Bk..' 10.4
HK Telephone.... 30.50
HutehieonWpa- 15.4

18.5 I 12,0 JardinoMath..

e ?SI w B lu....ur— .u n-

S.15I
6.35)
8.2 1
12.6
6.9 ;
S.2 I
3.2S!

3.5 iNew World Dev...
^7 '0 seas Trust Bk..

6.5 ISKH Props.

8‘B5,Swire Pae A

4.9 iwheerk Mard A.

4.6 fWhMi'k Maritl'e
2,27IWerid Int HMgs.

16.4
3.50
5.3
6.3S

10.5
SAG
4.68
2.40

20' NaarteX""i''“ MAPAN

iNat Nad Cert ......114,4

,|Ned Cred Bank;.: 28,5

147.5' 102.S Ned Mid Bank ...103.5

140

120.2

40,2:

46.4|

S0.5>

38

222.5

104.7'NMinoyd -....,104.7

68.0[0ee Grintan . . ,il IS
20.9lOinmeran. (Van).- 21.4

S7.5:Pakhoed S7.9

20.3.Phill1ps - 23.8

21.1|RIJR-Schelde 82.0

199.6Robeco 1200

125.5' 118,2'Redamee '124.6

217.5 18a.6iRollncO '197.2

156.6. 135,3:Roranto ,156.4

94.3' 71.8iRoyalDuteh '■ 8S.4

96.3: 71.2!siavanburg'a | 75.2

332 175 j'lOkyoPacHg . ..:190.5

1982

High Lew

July 31

Price

Yen

162.1 143
140 94

64 38

62.9 48

97.S 41

iiOKyoraertg. ..jisu.c

Unileirer 151.1

Viking Res ...106

!VMF Stork 47.6

;VNU - 64.8

West Utr Bank.... 75.5

NORWAY

795!A]inomete

480Amada

456'Asahi Glass

S99|Bridgestene

643iCanon

2S8.Citizen

600'Daiei

3S9:DKBO

36Q DIa Nippon Ptg ..

363'Daiwa House

355'Daiwa Seiko

360'Ebara -

7S2Eisal

490 Fuji Bank

l.l90.FuJi Film 1>400

1,140'FuJlsawB 1.3(0

6,780: 3,940 Fujitsu Fanue.... 3.900

2.290. 1,710 Green Cross 1,930

650 470Hasegawa 479

605 SOl.Heiwa Real Eet..> 543

949
' 720
715
462.
1,010
337
6S8.
485
766
425-
415'
469
1.040
SOS'
1,520
1.5001

803

465

464

430

76S

200

619

484

6S9

399

384

366

8Z6

600

1982

High . Lew

July 30

Price

'Kronor

118

135

153

64

445

366

246

103,5iBergena Bank,... 108,5
100 'Borregaard—....' 105

227.5, :credltbank.- : 129

41 'Elkem 43

300 .'Kosmes 335

248.5, Norsk Hydro 270

1'75 'Storebrand— 177.5

726i

575

864:

1 . 130 :

834

345'

436'

1.040|

629

541|Hitaohi

425 Hltaehi Koki

582 Honda

930 House Food -

619 Hoya

271iltoh <C>-

363'lte-Ham

770 Ito-Yokado

392JACC8

668

526

730

925

730

873
366

874
397

2,420' 2,130jJAL - -2.330

S4i|juseo..

ITALY

1982

High I Low

July 30

Price

Ura

lS9.eOD;123,flOO Aseieur Gen- 1154, 4*9

39,900130 OOOlBaneaCom'la '31.350

2851 74.75iBastegl Fin ' 74.75

74,75iBastegl Fin

5,960' 1,649'Cantrala.- 2,499

9,8001 4,760'Credlto Vareslne 6,900
1 , 995 ' 1.479'Fiat ; 1.627

4514

SV

16

8%

25%

16%

20%

18%

18V

6%

60)«

17%

2.06

72

23

15J0

15

3.35

44%

7

1.06

52

13*1

11

8V

1.75

'Nthn. Talacem...; 44i*

•Oakwood Pet IOS 0

Padfle Copper-,' 1.80

.Pan. Can. Pet...,

■Patino-

Ipiaear Dev-

(Power Corp

-Quebec 5trgn-,..

72

15)b

13%

8)9

2.62

18 V
13%
1ST*
17*0
8)0
53%
44%.
42%

9%

13

40%

26%

14V

12V

68

19

SOV

5% i-RangsrOll

9% Reed StanhsA.,,,

2714 RioAlgem

18% Royal Bai)k-

IIV Reyal'TYuseo A ..

4,76 .Sceptre Res.

67 1« 'Seagram -

157 * Shell Can on

16V SteeiefCan.A. ...

570

lOV

30%

20%

12%

7%

677*

17%

17V

49- 25 'FInsIder

3,400 2,091lnvest

42,000 ai,600i|taieementl

160JtS: 81,25'Montedlson

3.040 2,088'OiivatU

3,4051 2,0S0.Plrelll Co

1,580, l,149.Pirelll Spa

B40' 580-SniaVlscoea.

eo.iao! 9,900:Tbre AmIc. 1260.0

15,890' 6,330 do. Pref— 8.401

34.00
2.370

28,500

98.00
2,380
2,401
1,275

639

7141

376i

570i

6731

458:

. 445 I

i,oio

510'

530

669

342,

473'

4,140'

416

642

313iKajlma

480:Kao Soap

697,Kashfyama

351'Kikkofnan

387iKirln

686iKokuye ...-

431, Komatsu

341'Kematsu PHft.

519iKonishiroku

SSO'Kubeta

551 Kumugia

3,060'Kyeto Ceramic

seO'Llon

605 Maeda Const

576
. 330
498
690
388
391
888
4S0
341
578
331
372
3.650
368
520

AUSTRAUA

1982

High : Lew

July 30

- Pries-
•Autt. S

XOI*

347 *

24%

SOI*

26

10%

227*

14%

37%

4.70 TeekB -

317* Tsxaoo Canads..
17V Thomson NawsA,
28 Toronto Dem Bk.
16% :Trans Can Pipe..
87* ,7ransMntn.OtlA.'
14)* WalkeriH'i Res- . .
Wasteoast Trans
Weston iCeoi.—.,

11V

87

6.62
27%
19 1|
Z6V
18
6%
177*
12%
2B

GERMANY

1982
High Lew

July 30

Price

Dm

46.9

479

138

206.5

217

SOO

229.5

218

213

70

185

34

28.6AEG-Taler..., . 32.

420 Ailianz vers-.. .. 445j

110.3 BASF 117.

105.8 BAYER.. - 108.

179 Bayern-Hypo - 206.

263.5 Bayern-Verein.... 372A

189 ,BHP-Bank«. 206.i

189.6 BMW. >203.6X1

255 i 167.S[Brown B0V6ri-...i 179.
155 I 128 iCpmmerzbank ...' 129.

66,9 42 Icentl Gummi 49.4

306 ' 275 IDaimler-Bcnz 301.2

258 205.5 Degussa ' 816,5

144 218 iDemag - 122

316 192 iD'sohe Babcock.- 176.0

287.01 360 [Deutsche Bank...l 864.0

185 141 ,DU Sehult : 167

167.5' 129.3 Dresdner Bank... 133.2

177 'ghh -

47 'Hapeg Uoyd

107.7 Heeehst

19,5Hoeseh 4...

384 jHpIzmann tP 1

Horten

:Kali und Salz

'Karstadt 213,5

Kaufhef 176

KHD 183.5

Kleeekner....

Krupp

866.5 Linde

Si Lufthansa... .

1S4 MAN .. . .

128AMannesmann..

201 Mercedes Hig,

197.5 MatallgescK 210

610 Mueueh Rueek ,. 636
173 .PreuMsg

160.5 Rhein West Elect

833 jRosenthal

268 , Sehering

198,2 Siemens

7l.SThysson

139,5:Varta.

134 . 5 : 123.8lveba

890 867 Verelh-West. . .

133 . 4 . 129 IVoikswagen

127,4-

32

451

123,8

ISO

216

178,5
193
69.7
68
320
74.S
197
153 '
280
272
690
207.8
176 .
291 :
295 :
230
92.1
185

102

134

176

130

166

SI

49

109.3

29

411

117.5

146.0

51.8

60.6

284

69.5

162.5

126.5
276

175.0

170.0
233

879.3

220.3
82.3

146.2

189.7

371

144.1

FRANCE

1982

High Lew

July 80

Price

Frs.

2,000' 1.6S6|Emprunt4*^ 1975 1,790
7.100 S,490'Emprunt 7% 1975. 6,690

3,287 2,570 CNES$ -.-...3,220

612 437 Air Uquide 472.6

167.3' 101.9 Acquitaine 105.6

178.5 115 1S8.S

550
1,210
1,568
1,738
636
620 607

260 . 127
230 157

362.S' 269

380 BIG.. ■ 454

602 -Bouyguas.. 647

1,160'BSN Oerva% -1,400

1,360'Carrafour 1,496

466 CtubMedIter ' 633

•CFAC 530

:CPS (71)0171901)1..., 171.5

'Cia Baneairc 182

.CieGen Eaux-.... 380

134.2 106 CofImeg. | 128.0

94 ' 49.6‘CreuBOt Leire-...' 76.8

141 B9.9'GFP 109JU

S3 ; 36.i;dNEL 43,2

1,550 878 Dumez. J.X2B

438 : 360 ,Qan. Occidental. 409

46.ll|mctal- I 47

192.1lLararge I 199

712 iL'Oraal i 9H

l,570|Legrand |1>580

16 iMachIncs Bull....l 30.8

l,S57l i,l9S;MBtra- jl,644

'Sa5:Mloheiln B i 612

540 Meet-Hennassy.- 766

4.78

1.69
1.75
19.5
0.18

1.78
2.52

3.15

2.15
3.06

1.70

2.70
5.30
1.44
2.60
4.65

3.48 'ANZGreup. 3.60
1.30 Aerow Aust.- ' 1.30

1.15 Ampol Pet— .—.I 1.16
1.45 Atsee. Pulp Pap.| 1.45

0.06 lAudlmeo ' O.IQ

1.30 Aust Cons. Ind...l 1.33
2.00 Aust. Guarant-.l 8,26

Aust Nat inds... - 8.42

Aust Paper. 1.70

.Bank NSW ; s.sexr :

Blue Metal . 1.43

0.98 Bond Hidgs -,|

2.20 iBoral -

L.D0 :Brvllle Copper
2.85 'Brambles Inds...

5.15 -BridgsOll

889'

340

701

1,000

1,360

616:

SOS:

635

341'

475

260

369'

680'

420

559

1 . 200 ;

739 !

418'

1.150;

995.

182'

275

4.600.

- 316.

2.35

1.68

8.43

1.15

1.02

8.25

1.20

1.06

2.36

10,45

0.90

3.35

4,00

2.60

3.90

0.71

o.so

1.37

2.30

2.20

SJIO

1.06

4.40

4.40

1.65

6.90
1.46

1.90
1.35
0.50
1.60
0.44

3.45
5.10
0.34
0.27
1.60
2.86
2.60

1.45

2.65
2.07
1.15
2.55
0.25
2.80
0J13
2.40
7J»
1.20
0.60
0.37
2.57
3.00
2.10
0.18
0,90
4.10
1.26
1.79
2.95

6.S0 BHP.,.

0.10 Brunawlek on....

2.40 ,CRA

2.43 C8R

1,70 iCkirlten A Utd.. .
3,87 iCastlamainaTys-
0,36 :0luf( Oil (Austl..

0,15 Do. Opts

1,16 Ceekburn Osmt

1.94 Colas iG.J.'i

1.45 :comaJeo

1.30 iCoctain

oies

6.96
0.16
3.16
8.75

1.97
3.65
0.36
0.12
1.28
2.09
1,85
1.40

866 -

358

170

565

1,140

1.660

1,840

602

707'

615'

873

799

890.

920

TOSIMakita 726

275 Marubeni 276

SSSMarudai 640

785;Marui- 890

902.Matsushita . . 1,040

463 MtB Elec Works 480

484 M'bishi Bank 6 OO

467 M'btshi Corp 4M

2S2',M'bishi Elec 833

417,M’blshl Real Est' 4X9

173'mH1 , 175

2g8|Mitsui Co , 306

SaolMltsui Real Eat...'. 580

337:Mltsukeshl 336

435>N6K insulators.. 453
890;Nippon Denso ....
630]Nippen Gakki ...l
361'Nippen Meat .... '
839.Nlppon on . ..
729'Nippon Shimpan-
131'Nippon steel. ...

. 20B|Nlppon Suisan .

3.600 NTV

235:Nlppen Yusen..

710 Nissan Motor,,,
320'Nlsshin Fleur...
14S'Nlsshln steel..

590;Nenura..-

733 Olympus.

981

634

365

870

750

132

240

:s,90o

.. 336

730

323

160

392

1,010

1,260-Orient Leasing... 1,450

1,310 Pioneer

B5S|Renown

443:Rlcoh-

391 Sanyo Blaet

S43'Sappcire

648|8eKtsul Prefab .

bSSlsharp

761ShiseidO

3.960 2,960'Sony

SwO 321 Stanley

216 B‘tDino Manna.

300

625.

300'

643

1,090

1,420

658

498

599

245

675

865

900

3.2Z0

340

315

479 Talhel Dengyo. .. 476

2131*91981 corp 288

96Q;Tateho Ptiarm 5B5

7B0!Takeda 602

4.250 3,0e0TDK...

846

0.14

1.46

1.76

0,90

1.45

1.03

0.18

1.35

0.10

2.41

1.70

0.98

2.86

Dunlop

Eldar Smith GM.
Endeavour Res...l 0,16
Gen Prep Trust ... 1 56
Hartogen Energy

Hooker

.ICI Aust..

Jennings

'Jimb'lanafSOcFP 0.12
Jones (D) .. . . 1.55

Lennard Oil 0,17

8.74

Meakatharra Ms S.20

1.80

0.90

1.59

1.18

0.13 -Meridian Oil

I 0.04 iMonareh Pet

1.25 !MyerEmp

0.28

1.83

0.09

1.20

0.07

1.60

0.16

0.07

1.30

2.49

2.10

1.25

1.90

1.42

0.S3

1.30

0.11

1.28

0.08

2.33 iNatBank

1.65 'News

1,15 ;NloheiasKlW(....

1.55 .North BknHilL. '..

1,10 jOakbrIdge..

Otter Expl

Pancon

Pan Pacific

IPieneerCone

'Queen Marg't C..
ReckittQGoin....' 1.90

3.83 'Santos...— 4.82

0.65 Sleigh 1.02

0.22 Southland Min'g. 0,26
0.12 Spargos Expl ....■: 0.28

1.55 Thos Natwlde.. .. 1.6S

1.90 Tooth 2.88

1.35 lUMALCene. ....

0.07 .Valiant Censdt...

0.BS WaltensBond

2.51 iWaetem Mining. . 5.00
0.64 IWeedside PetroL 0.7 1
1.32 .'Woelwerths....... I.'IS

2.25 'Wermald Inti-.... 2.40

257

975'

516

480

978

117

524

217

394

439

438

1,110

8,690

780:

936

600i

318,

631

205 Teijin . .. .
7S6,Teikeku 0/f

,.:4,130
... 806
... 910

433iToklo Marine

420TBS

820 Tokyo Eiect.Pwr.

106 Tokyo Gas

398 Tok^ Sanyo

SOOTokyu Corp

890Toshlba

4i7:Teyo Balkan

8l5Teyota Motor

1,630'VIctor. '2,070

700'Wacoal I 70S

650 Yamaha ! 684

SlT'YamazaW ' S2S

231.Yasuda nre 831

490!Yokogawa Bdge.' 510

430

423

840

108

417

805

298

406

43S

840

SOUTH AFRICA

1982
High ' Low

July 30

I Price
I Rand

l.eo

0.08

0.66

4,S0i 3 . 10 'Abereom 1 2.68

9.9 ' 6,oo:ae a Cl : 6.7

16.3 I 8.90|AngloAm.- ;i2.7D0d

105.26' 58.00lAnglo Am.,Gold..| 70
3.85' 3,06lAn9le Am. Prep..|

6,55 Bartow Rand

24.5 iBuffels

4.95.CNA Invest
l.SSCurne Finanoe . 1
5,97|De Beers . .
18,76'Driefontein ..
19.8;FSGeduld.. .
46.2S|Gold Fields S-A...

5INGAPORE

1983

High Low

July 30

8.88

4.4

5.7
6.75

3.7
2.36

7.7
5.35

12.7
2.92

7.3

4.98

1.58 'Beustcad Bhd— .
5,54 Cold Storage... .

7.1 .DBS

5.15 Fraser A Nsave...

2,49 ,Haw Par

1.76 Ineheapa Bhd....
5.4 Malay Banking...

4.58 'Malay Bre«v-

7.9 'OC8C

1,79 iSimsDarby

4,25 IStraightsTrdg ...
3.86 'UOB . -... . ■ ■ ■

10.6
45 '
7.8

3.06

8.68

30

43

93.6
5.55

9.6

38.6

6.20

21.5

3.7
11.65

5.7S

5.55-

3

6-lS.

22

4 -

2.66

8.3

30.5

5.4
2.20
5 . 2 s

23.25

25.75

69.5

3.7 iHlghveld Steel

5.5 Huletts

23 -Kloof

4,95'Nedbank

14,50>0K Bazaars

1.85 Protea Hidgs

8.10 Rembrandt 1

3,3 Rennies

2.56 Rust Plat .....

2,0 Sage Hidgs ' 2,50

3.75 SA Brews 4.32

15 Tiger Oats 18,35

S.BB.Uniscc. . 3,30

4.50

6.6

28.5
5.9

16.5
2.30

10.3

3.92

3.4

Finaneisl Rand US$0 7?)*
(Discount of 1O'0%)

BRAZIL

1982

High Low

July 30

Price

Cruz

SWEDEN

1982

Hign Low

July 30

Price

Krouer

224

219

300

465

134

234

285

96

263

175

190'AGA-

197'Alfa-Laval

350 Astra

101 Atlas Copco.. .

156Boliden

212 Cellulosa

61 Elaotreluk b..„
192 Ericsson.
llSEsselteiFreei..

199
. 212
195
467
US
173.2
225
: 82.5
265
ISO

1.95'

16.95

6.70

6.15.

8 , 86 .

5.20

12.20'

11.20

15.0

18.00

l,32Ace*lta

9j 45 Banco Brasil

3.1 Belgo. Min

2.3S.Br3UimaPP.. . .
5,50 Logas Amer., .
2,00 Mannesmann OP

6.5 IPetrobras PP

6,31 Souza Cniz . .
4.65 Unip PE

7.5 Vale Rio Doee..

1.76

15.50

5.70
5.80

6.71
2.50

11.50
11.00

9.05

15.D0

217

170

165

141

241

560

360

264

354

137.

-126

164

120 Pagersta

9l'Fort<a (Free'

103 Mooch Oom .*....

121 Saab-Skania

166 Sandvlk i.Preei

440 Skandla

191 Stum Enskllda .

112'SKF B

26i'St. Kcipparberg..

SS-Sven Handslibn.
lOO'Swedlsh Match..
129'Velvo(PreCi

139

157

105

156

168

491

210

118

268

99:5

113

1S5

NOTES>-PricM on thia page era as
quoted on the htdividusl exehenges
and era last traded prices, fi Dealings
ausoended. xd Ex dividend, xfi Ex acrip
isaue, xr Ex rights, xa Ex all.

PS

n

TEL AVIV

Company

Prices Change
July £5 OP ;he

SWITZERUHD

1982
High I Low

July 30

Price

Pre.

S2.3:Meulinsx -

362,5 Pernod Rioard

145.5iPsrriar

122.5'Paugeot-SA .....

53.3

38

181

-139X1

-Pociain

iRadioteeh

iRedouta

,Roussel.Uelst....:
:SKisRom8nei

115

275-

891

874

641

Talemach Elect.' 767
Valeo...- 179.0

676; aiQiAlusulsse 430

1,150 siSiBrownBoveri 835

l,34Si 1,166'Ciba-Gaigy | 1.230

1,050' 910' do. (Part Certs).; 1,015

2,S10: l,580:Credit Suisse 1,605

2,875’ 2,190'Elaktrowatt.. 2,260

620' 396-Rsher (Gael ' 400

63,500 63,750 Heff>RechePtCtsl56,500
6,325i 5,376 Heff'Roeha Ilia. 5,675

5,900' 6,850 Interfood - ' 5,550

1.380' 1.160'Jelmoli 1 1,310

1,300; 770.LandisAGyr I 770

3 , 395 : 3,070 Nostie

1,4851 1,005, Oer-Buehrie

839 210:Pir«lli

4,450i

549 4STSandez >.Pt Ctsi...:

238'8chlndler iPtCtsr

626 Swissair

STOiSwiss Sank -

6,B00'SwissReinsee.. ..
860:Bwts8 Verksbk....-

3,310. 8,680 Union Bank..

2,426. 2J11Q Winterthur

16,100 13.800'Eurleh ins-..

Banking, inaunnes

and Finance

B?nk Leumi l9 Israel...

IDB Bsnkholding

Bank Hapoalim. Br

Union Bk. «f Israel Br
United Mizrahi Bank ;.
Hassneh Insurance Br....
General Mort. Bonk Br.
"Tctahoi" %rl. Mt. Bk.

Oanat s/e

Land Development
Atnca Israel inv. i£10...

890

760.

38Si

6,600!

1,030

3,260
1,030
821
4,000
641
265
638
271
5.700
995
2,750
2,050
14,160

Piopeny end Building ,.
Public Utility

Supar Sol "A”

Investment Companiee

Bank Lsumi Invest

C%l ” Isieel invsBi, .,

DIecount Invest

Commercial 6 Industrial

Deed See Work*

Polgat "B" ... .
Argarhan Tcttile Br. ..

AW" Tostilo " B
Amer. Israeli Ppr. Mill*

Elite —

Teve Peg. mnn..— .

Fuel and Oil

Delek

Source: Bank Leumi
Tel Aviv 1 Bid.

1S82

WBek

1 372

+ •42

2.517

■L 47

3.03:

T 59

1.640

~ 40

.1,097

4 22

1,065

+ SO

835

-100

3,010

.+210

—

—

5.300

■+S70

2.120

+ 215

2.000

" 90

1.390

1-^ 2S

890

- 70

1,035 •

- 60

1.570

- 70

2.550

*+ M

2.300

,+ 90

eM

748

. n

1.800

- 50

2.730

;+io(i

1,975

H: 95

2.100

- 25

Ip Israei

i BM.

t

.te

ae

er

tL

srl

ha

JUl

8T

?Cl

VOl
■8 i
) e

ikii

pc

noj

a t

IS

eve

n>]

iVhf

alli

nde

cer

ates

pie

t

lODt
*sde
. an
)lozr
that
ess (
sur
ts d<

SSSSu CURRENCIES; MONEY and GOLD

MONEY MARKETS

Banks in the firing line

Lloyds Bank was the first of
the clearing banks to take notice
of the ver>' strong signals from
the authorities last week, and
cut its base lending rate to 11}
per cent. For most of the week
the banks were acting as though
DO one had toid them about tBe
need to reduce interest rates, and
were steadfastly sticky to the
old rate of 12 per cent

Their eaunise for doing so was
being steadily eroded, however,
as seven-day interbank money
fell from about 13 per cent at
the end of the previous week to
around 12 per cent An acute
shortage of day-to-day credit had
allowed the banks to argue that
a cut is base rates was unrealis-
tic. but this situation tended to
change as the discount houses
became more willing sellers of
biils on the basis of lower bor-
rowing costs and more attractive

dealing rates from the Bank of
England.

Very large bill repurchase
agreements matured on ever;
day last week, except Thursday,
but the scale of replacement
repurchase orders tended to
decline as the week progressed.
On Monday the authorities gave
assistance of £S60m, with £5 06m
bills bought for repurchase by
the market tomorrow, but on
Thursday the total help was
£265m, without any repurchase
agreements, while on Friday the
Bank of England gave £631m in
assistance, but only £lS9m was
by way of repurchase agree-
ments.

The total amount of repur-
chase orders maturing this week
will be in the region of £L4bn,
which is nearly £lbn less than
last week's figure on unwinding
repurchase agreeraents.

An easing of the situation
could be expected if there was
DO expectation of a continued
decline in interest rates, but the
authorities are likely to maintain
the downward pressure on rates
while sterling remains relatively
firm, but over 2m people are
unemployed as indiist^ lan-
guishes in the doldrums.

The easing of U.S. interest

rates, resulting from better tiiao
expected money supply figures
followed by cuts io bank prime
lending rates, is likely to be
exploited as much as pos:>jbje
in Europe to get interest rates
dOM-n.

Britain's clearing banks might
not like the prospect of lower
margins and lost deposits as
interest rates falL

BANK OF ENGLAND TREASURY BILL TENDER

Bill* on offer.. ! filOOm

Total of

Total allocated,..- RtoOin
Minimum

Allotment at
minimum law

FT LONDON
INTERBANK FIXING

3 menthi U.S. dollars
bid 131(18 offer 135(18

6 montlia U.S. dollars

The gxing rates /July 30) are the arith-
metic maaiis rounded to the nearest
ene-sixteeRth of the bid and oflarad
rates for $10m quoted by the market to
five reference banks at 11 am each
working day. .The bank* are Nattonel
Westminster Bank, Bank of Tokyo.
Deutachs Bank. Bsnqu* Natiorul da
Peris and Morgan Guaranty Trust.

1 July 23 1

July 30 1

1 filOOm iTop accepted

rata of discount
£4B0,48Sm Average
1 £L0Qm 1 rate of dleeeunl

'Average yield

' £97,80 lAmount on oftar
1 1 at next tender.

1 449 1

11.0904%

11.0808%

11.39%

£100m

LONDON
Base rates
7 day interbank
3 mth Interbank
Treasury BUI Tender
Band 1 Bflla
Band 2 Bills
Band S Bills
3 Mth. Treasury Bills
1 Mth. Bank Bills
3 Mth. Bank Bllla

TOKYO

One month Bills
Three month Bills

BRUSSELS
One mentfi
Three month

AMSTERDAM
One month
Threo month

11 >?

|12-18Ib

;liTa-12

(11.0802

llisa

lilt]

llllB

illw

7.34578

I7.2B12S

r'ehange

NEW YORK

— t] I Prime rates

Pederal funds

— >e ' 3 mtn Treasury Bills

—0.1311 6 14th. Treasury Bills
—n 1 3 Mth. CD
i FRANKFURT
I j. ' Lembard
I y I One Mth. Interbank
I Three month
‘ ! PARIS

L intarvantlon Rate

jlJnch d; 1 Mth. Interbank
Uneh d: -]yirQQ month

I , i MILAN
—re One month

— iV I Three mortth

! DUBLIN

•■■rir I One month
-!-re 'Three month

15W

llHs-tlSs

10.2S

1109

113.00

London — band 1 bills mature in up to 14 days. b»d 2 bills IS to~33 da^ an^
band 3 bills 34 to 63 days. Rates quotsd represent Bank of England buying or
selling rates with dw money market. In other centres rates sr* generally deposit
rates bi the domestic menoy msrkst and their respeethra chengss during the
week. * Band 4 11’«.

LONDON MONEY RATES

July SO [Certificate interbank - Authoriw
1982 I of deposit ! deposits

Overnight.... ' — llti-20 ■ 12

2 days notice... — — i 12-18 10

7 days or — _ _

7 days notice... — 12-123| ' 12i|

one month ll-is-ll|l llia -12 , il?.

rwo (nonths. ..| 21 *s llfk 21 rt-l 2 —

Three months.; Ili4-2lsi 111] 12 11 S 4

-Six months ! llVUr* lHs-12 ll^t

Nine monUii...; lUi-llA < ll7i-12 ) —

Oneyear IIS 22, ' 22 r]. 2 g 214< :

Two years. — — ISSa

Discount
Market T

1214-12

12lg-1178

H-IOI 4

121«.12ls IIH IIH
12Js . lUs
12f4 ' nig

1214 I IIU

mills* 11.:.
iiai-ii.^ iij«
iij,-iiuii-r..ii«*
— IS . -11

Local authorities and linance houses sevsn days' netics. others seven days fixed. Long. term locsl authority mortgage
nrs^ nominally ihm years 12% gar eenr: lour years 12% par cenr: ttva years 13 per cent. OSank bill ra»s tn table ere
buying rates for prims paper. Buying rates for four-menth bonk bills 11^.11% per cent; four months trade bills liu^ oer
canL

Approximate selling rate lor ene month Treaeury bills 11% per cant; two moriths 11%, per cent and Ihrse months
11%r22y per cent. Apprexrmete aetlirtg nu for one month bank bills ll>%]-ff"i, per cent: two months per

cent and thres months 11 % per cent; one month trade bills 12%, per cent: two months 11 % oar com: threa months
11^* per cent.

Rnance HoueM Bue Rates (publishsd by the Finance Houses Association) 13 per cent from August 1 1882.
London and SccKrsli Clearing Bank Rales for (ending 1|i| per cent. Landan Clearing Sank Oepocit Rates (or sums at
seven days netics 8% par cent. Treasury Bills: Average lender rates of discount I1.(sa2 per cent. Certilieates ol Tax
Deposit (Series 5) 12% per cant from July 21 (plus an Interest rate supplement of % per cent (or the lirst montn).
Oeposita withdrawn lor cash 10 per cant.

EURO-CURRENCY INTEREST RATES (Market closing Rates)

18-lSU

isfi-isis

1 SI 4 . 1 SI 1

16l8-163<

17T].i8as

1812-19

Italian Belgian Franc

Lira Conv. Pm.

17-1812 1314-1414 ' 13%-14t4

1814-2013 13(4-1414 K-14U

2a20% 13ia-14lfi I 14’s.l4le

20I| 21 1S7]-1416 ' I 414 - 141 S

21 U -2114 1413 - 1 & i4j*-i4i« :

2141-22 1412-18 < I 4 I 4 .I 4 I 3 I

Danish
I Krone

8-9 :•

I S-t0<»
11I]-1S
141513
I 16.17(3
! 17-18(3

SDH linked depoiita: one month 11%»-11%* per cent: three months 11“i,-12%, per cent; six months 12V12% par cent; one year 12V12“i* P*r cant.

ECU linked deposits: one month 11%-12 per cent: three months 12-12% par cent; six months 12*y-12(%* per cent; one year i:f%*-13%t par cent.

Asian S (cSosirig rates In Singapore): one month 12%-12% per cant: threa months 13*i4-13(|, per cent: six months 14%,-I4>i. per cent: one year 14(k-1A%, per
cent. Lcng-tdfm Eurpdellan two yeere U'a-1S% per cent; three years 15-15% per cent: four years 15>a-19% per cent: five years 15%-1&(| per cent: nommal closina
rates. Shon-:erm retss are call for U.S. dollars. Canadian dollars and Japanese yen: othe's two days' notice-

T%e lollowing rstts were quoted tar London dollar certificates of deposit: one month 11.90-12.00 per cent; thrae nomtis 1Z45-12.55 par cent; six months t3J&-
13 3S per cenr. ena year 13.50-13.70 par cent.

CURRENCIES AND GOLD

Dollar improves

THE DOLLAR SPOT AND FORWARD

The dofiar showed a fimter
tread last week as tbe recent
downward move in gundoUar
Interest rates was baited, and
the Federal foods overnight
rated rose by about 1 per ceoL
Tbe previous week's money
supply drop was slightly dis-
appointing. pushing up the
dollar at the beginning of tbe
week, and despite cuts in prime
lending rates by U.S. banks tbe
U.S. unit remained underpinned
by the announcement of a
record S50.5bn Treasury borrow-
ing reqturement in the third
quarter.

Tbe dollar's index, according
to the Bank of England, rose to
120.5 from 11S.3. Tbe U.S.
currency rase to DM 2.4625
from DM 2.39^ against the D-
jnarit; to FFr 6.8350 from
FFr 6.6725 against the French
franc; to SwFr 2.0910 from
SwFr 2.02 in tenns of the Swi.ss
franc; and to Y257.50 from Y249
against the Japanese yen.

Sterling did not appear to
suffer from tbe steady reductions
in Bank of England money
market dealing rates, or the cut
in clearing bank base lending
rates by } per cent to 11} per

cent 00 Friday. The pound’s
Index rose to 91.5 from 91.0,
despite its fall to $1.7380 from
31.7640 against the dollar.
Sterling improved to DM 4.28
from DM 4J2250; to FFr 11B750
from FFr 11.77; to SwFr 3.6350
from SwFr 3.5650; and to Y447.50
from Y439.50.

Despite the rise of the dollar
to BFr 46.90 from BFr 45.82
against tbe Belgian franc, tbe
Belgian National Bank took
advantage of the relative
strength of the franc within the
European Monetary System, and
rut its discount rate to 13} per
cent from 14 per cenL The EMS
remained very steady overall,
with the Italian lira still the
strongest currency, and the
D-mark and Dutch guilder show-
ing no signs of renewed strength
at the bottom of the system.

Gold reacted to the recovery
of the doitar, failing 3101 on
Monday, and continuing to
decline for the rest of the week,
before showing some recovery
on Friday. It touched a low for
the week of 3335-336 at the open-
ing on Thursday, and finished at
$342-343 on Friday, a faU of $31}
on tbe week.

UKt 1.7330-1.74S0 1.7375-1.7385 0.03-0.136 dia
Irsbndt 1.3970-1-4040 1.4025-1.4001 OSftjJ.CSepin
Canada 1 .2560-1 .2606 1J2SG0-1JS70 0.42-0.45c dis
Nsthind. 2.7050-2.7200 XTlSO-2.7200 OFO-O.TOcpin
Belgium 46.75-46.91 46.89-46.91 S-Sc d>s

Demnaik 8.4S50-6.5425 6.5250-8.5350 Q.65-0.«aar« pm
W. Gar. X4460-2.46SO 2.4620-Z4fi3D O.TS-Q.TOpf pm
Psrtugal 84.25-85.00 84.S0-B4.S0 4S-156c dis

Spain

luly

Norway

Franc*

Sweden

Japan

Austnj

Swiu.

111.70-112.15 112.06-112.15

4S-156cdfs

40-S0e<ris

1.375V1.3764 9-10 lira dis

% Three

p.a. morrths p4u

-0.55 0.58-0.6841* ->1.46
<A4 1.40-1.20 am S.71
-4.16 0.S3-0.S7di9 -2.71
3.33 2.75^65 pm 3.S9
-1.70 10-13 dia -0.98
0.74 0.85-1.3Sdis -051
3.53 2.67-Z.62 pm 4.30
-14.75 »-350dte -t1.08
-4 S 150-170 dIs -5.73
-8.28'25-27 dis -7.56

6.42a0-6JU00 6.43SO-6.44Q0 2.7Q-3.10ar« dis -5.40 4aD-4.60dis -2.73

«.81£0-6.8a5a 6.8325-6.8375 1.75-1.95C dis -3.25 5.25-5.66dis -3.19

6.0660-6.0880 6.Q80O-6.O8S0 1.S0-2.10or« dis -3.95 3.1(L3.30dis -2.10

2S.60-a7.75 2S7.4S-257.S6 1.24-1.16ypm

5.5S 3A3-3.73 pm 587
enj 17.21-17J8 T7.23V17.24% 6.90-S.7Ogr« pm 4.38 S1%-18’.' Pm 4.64

z. 2.08Z5-Z1000 Z0806-Z.Q91S 1.83-1.S56pm 9.12 4.68-4.60 pm 688

i UK and Ireland are qucied In U.S. cunency, Forviard premiums and
discaunci apply, ta die U.S. dollar and noi to ihe individual currency.

THE POUND SPOT AND FORWARD

Say's

July 30 sproad

US. 1.7330-1.7460 1.7375-1.7385
Canada 2.1750-2.1860 2.1800-2.1810
Nailiind. 4.71-4.74 4.72S{-4.73%

Belgium 81.30-61A0 81.45-81.56

Denmark 14.60-14.86 14.81%-14.Ci,

Ireland 1.2380-1.3«70 1.2440-1.2450
W. Get. 4.26-4J0 4.2r.-4 2S%

Portugal 146.75.148.00 147.00-147.50
Spam 164.10-194.80 19a 40-19>.60
lialy Z380-2.399 Z392']-2,3Be%

Norway 11.16V11.Z1% 11.18<11.19

Franca 11.85-11.92 11.87-11.86

Sweden 1Q.S5-10.60 lOnS's-IO-STi
Japan 443 450 447-448

Austria 29.90-30.10 29.96-30n0

Switz. 3.62-3.66 3.63.3.54

Belgian rato is lor csnwsnible (
Six-montfi furwartf dollar 1.73*I

a.<F3-0.13e dis
a.80-0.90e dis
I'l-'rt pm

10- 20C dis
1%'%ara pm
0.21-OZSp dis
1%'%pf pm
8C-28Ce di3 -
TO-IOOe dis
16-17 liru dis
5*re'iora dis
3%-4:,c dis
3%-4are dis
I.SS'l.TSy pm

11- 8gro pm
2%-2’aC pm
raics. Financial
63 c d's. : 3 -mon

•.» Three
. p.a. montbs
-0.» O.S&O.eSdis
-4.68 2.20-ZSOdis
2.85 5%-2% pm
-2Z1 45.58 dis
0.61 6%-8% dis
-Z70 1.3a-1.43dis

2.80 3V3%pm

- 14.67 215-8E0 dis
— 330-370 dis

-8 02 49-52 dis
-6.S7 11%-13di9
-3.79 13>4-14’,dis
-4.19 9%.9% dts

4.96 5.1(N4.90pm

3.80 25-19 pm
8.66 7'6(: pm
Irsnc 85.75-86 S5.

!tn 3.35-«.mc dis.

FORWARD RATES AGAINST STERLING

GOLD MARKETS

Dollar

D-Mark

French Franc

Swiss Franc

Japanese Yen

Spot 1 month 3 monih 6 mcntfi 12 munth

1.7380 1.7388 1.7443 1.7SS8 1.7743

4.28 4.2700 4.2S09 4 22S3 4.1777

11.8750 11.912$ 13.01ZS 12.2123 12.9561

3.8350 3.6088 3.5675 3.5174 3.4234

447.5 446.6 44Z.S ^.3 429.0

Close 18542-S43

Opening.. 8343-544

Morning fixing. .. S348.S0
Afterneon fixing.'S342.90

GoM Bullion (fine euneel

(£197-191(s> iS53Bl".340ls (£195-195ls1

(£197(]19B| i8338-l36 (fil93.193i]|

(£196.684) '8340.80 (£396.4601

(£196.843) 8348.80 (£196.8S9j

Krugrnd SSSS-SSSl*
1] Krug S182-183

U Knig S9SU-96(«

I.WKnig 839-40
Mapleieaf 8353-654
New Sev S81s«-884

Gold Coins July 30

(£803-80319) IKingSev
i£1044t.l05>4) VietoriaSov
(£54%-S5(4) French 20s

(£28 (9-23)
(£203-203 (|)
(£47-4714)

French 80s
BOpsoaMex.
100 (tar. Auat
880 Eagles

888-90 (£50 (|-91ls)
868-90 (£50(9-31(11
875-7712 (£43Vi-44>t1
S4I7S«.420S4 (£240U-S42)
83B5-8S5(i (£191(8-195)

8390-400 (£224i4-UQ|)

OTHER CURRENCIES

EMS EUROPEAN CURRENCY UNIT RATES

Currency Vm ciianga

ECU amounts frem % change
central against ECU central edlrsted for Dhrergence
rates July 30 rats divergence limit %
Belsian Franc 44.9704 45.0063 4 0.03 -0.03 ±l.M6i“

Danish Krone ... 8.8400 8.1960 -0.46 - 0.57 il.6430

Carman D-Mark 2.33379 2.36592 4-1.12 4-1.01 chI.OBSB

French Franc — 6.61387 6.58730 —0.70 - 0.81 = 1.3500

Outsh Guilder ... 2.57971 2.80702 4-1.C6 4-0.95 ^.5004

Irish Punt 0.891011 0.688762 -0.61 -0.72 =1.6691

Italian Lira 1350.27 1322.88 -2.02 —ZOZ i;4.136B

Changes srs Iqr ECU, ihsralom pos'i<ve c.hange denotes a
weak Currency. Adiustment calculated by fmanciaf Times.

CURRENCY MOVEMENTS CURRENCY RATES

' Tiiiifis ^

FT UNIT TRUST INFY)MATiCttV ^ ^

LesdonEDt:

CHANGE IN WORLD INTEREST RATES

I ‘ I I I

■ July 30 ;ehBnga,' | July 30 change

'Unch’d

-•-0.02S

iUt)cli*d

f— •*

|Uneli‘ d

'Uneh'd
Uneb' d

t. MuMs-
01-4236514.

-..L!-'. 1'^ ■-fi. n

• • •• •

JLJ.i ' I'l"

Jvds Ota UiiK 1U. Wiip

jaa3Stfispfe®2*w«^

lnmqfBM Unfi Ttaef MiBL Ud. ■

IsrtlnjinLTMntaOevanTqeiJE. 08(0862271
Mai PerL (Mt TtalBLO' 2M ..:.4 S37 i

Mse.lBCJuly3lt...406A a952|-«4i4 4i» |

hate Itall TtaM UtanoaH LU.

inMn' r ■

^ iS E. P. Wtarja-tlai Ftaoi HagL Ltd. 1

!■• 1 L UlUUMiMUJ 9|UM Ls ARA UARI^JUira^

EdoNsr & Lim Ua 17. in Ca) (b> <c) l
(MerOa»M.Hi0WyeMtae. 04M33377 p

s

r.TTrP!?L^.^

MT'-iF

sp

f ^

LlMBta-

Sip'

3wUfe5

El

L*i ij^ Tte

M

mb

m \\ 'f.’'* r' iMgiu^

mTB

■ n,

SwiH IM Me W.-MH. Ri. IM.(b}(c>.
- 042 Diataf>^* 4 BdHV EC 2 V 6 N., .052383842

V> V.

DaBMe0e989Ml.

223 Praetar OT AdnSo, 5^ ftayMgb
B77 BmBRMdEsn

■ '7.1

Kill

Ir'Y'f

Tiiias ealiii IM TM

lOOlWoaiStruaL&U.

TMlITJelrl.; ,|IWr «ur t S37

Saies.- (c> (g).
CliiNirauL .008583651

!rL H.si^

T?-

rnniiVc-|

rT

t'rt-Kv-

i nn iiu«g—

. I SMitivntif ^

‘ % ' Rights Units

PoundSt’rllngi U.S. Dollar | Deutseham'lv JapenesaYen! FrenebPrenoSwIea Franc Dutch Guild*; Italian Ure .Camda DeilerBeiBion Franc

m

BiL B«U.i

By*' Stm

iP||| ilj

Pound Stealing
U.8. Dollar

DeutsetMmark
Japaneaa Yen luno

Preneh Franc 10
Swin Frond

Dutch Guilder
Italian Ura 1,000

ConadMir OoHor
BelSiid Frane lOO

10.

8.267

ta061

1,

3.983

1.301

2016.
1 688.9

1.836

0.600

1 28.43

2.51 L
4.861

0.768
1,619 '

1. 1
1.976

1 606.0
1000.

0.46L

O.Oil

1 17.2S

1 S4.o9

8.448

1.667

g.M>9

! 3096. ,

1-

1 ^8

; 14.67

4JW0 1

6.864 1

1 3937.

8.67B 1

1 100 .

i'.P'jl

^ESSmm

-

-ilC'iT'

b-7'

rrrs—M.r-i

reafgitinfloii Fanis Mg*, uri. <a)
SObCMOyUnaBCZaXNE. d-3<2fl282

grewtiiFiiB,.- 4J7

ltjasvi';a^.ws:*-.a.ow»K- s,' "

I

Financial lollies BSuiday August 2 12^-

I «S:

nmmmATios . service

n [3 f^^'Cent^'aito

a n I : Britain’s heating

U LJ £J HeaHngcndPliSTit'jtgf.‘2r:i\sias.
Fanil and Caiden Ma^'nery. Ensinesrins. W-ig Wre

LOAN S — Continued

BANKS & H.P.— Com.

CHEMICALS, PLASTICS— Com. I ENGINEERING— Corttiitued

Price |l2st
£ d

W.i

M. I EM.

Financial

20J ZODfFPI lepc *83 I 101^

31M 3aslFFI('JKF«i)5^A9i2.l lOOtt

t nu «irj1 Co. 6*^Db. ■8«9f 90»s

Bb. 10>se Uk.Ll *6111 93laM

D). UjK

lUa lUl Oo. 11^ Ui8.La

14S Do. 121# Un. In. 1
30J 31« Do. 7><piACfb. «

31M Sra Ca. 7>#A0«li. '91

31U 3q 3 Da9oc‘A”9lJ94

3HA 2sn Ob- SVcUi. *92^

Building Societies

lUdl » I Irul DMtedi I I

rets I d I Kd )Gv|Er'0pS Mi | Sbck | Pria ;

73 11 4.93 15] *>4!i3.7) S^. Ne»Jimp.a«n.£L. 292

32 IQ.-^ U — 7 11— F«b. At-9 Oo.S'X.Pr.a. S9 ,

ti! — — — — F«b. tui ;r_ Paw 20B

SZS — I3.%] — Jutr Nov LSfSrUhV».3Qp 153

Si* — — — I — JM Jid; L^KiilrtsSa.— 82 .

5"3 131 ' U LSllSJ - lids. AS 'B' 01312

?si. 9T>! — - —116 JulyPtywlCa 121ai

1^ — — — I ^ Anr. RaiBBiii Wa. lOp 2SD

253 17Ji2S.7S — 7.9 — sfir No*. RaitBirU lOp _ 177

153 jJ 8.7S — 8 41 — Apr. Nov. SeotAalRd.fi. 1B7

39 UI0.33 —33— Feb. Nov. Slroan Plastics.. M4

Z/j i:v4I3 19 3^2Z1 Mat Oct DoMNBrtilflp. U >

VI u le^lSlnE

BRITISH FUNDS

Mmd I I Ma lUdI roH

Bk I Stock I £ I d ] lot I B

“Shorts’* (Lives up to Five yea«)

U:'. ric.|'3u:-'sssF»:.. :4.0 — i — Not. Hla^A'oldmholme. 125

Cic. Jui-HsnCrsSo 113 — 6.t — A^. Oet|Yorle ClKms | 41

C:e. J'J' ■•''II San:i.el 157 Zli 8.0 — 7j — rsDADCDN/ Alt

Sept S.tr.i.--^-:33!w7.'^15C 97 !».* iW3e — « — DKArC.KY All

I

T

I

T1

ling

Ml I

^ NnJ

MX |V| & MSI

tdaest6rtqt..| 175 '1 1

pimw. 6 38 r:

Fed, Aw AndsitS'dyde. M2 5.7 d.D

OCL MaAdiAlm_ 348 W 3«J)

Jait A9).Br«5l2># SOla 231: DS5

FdL Sept tesoc.TodniH.. . 58 SJ3 4.06

OcL Apr. temtixrLUb 9 3U 8^

M9 Nn. AinraHUl 33- 158 5*^

K Oct Austin (Junes). 58 . U 467
Mai Babcock Iml..- 105 - 19J 7.0

M iW> Bailei(C.IU... 6 IS —
330 Feb. Aw Baker Pork. 58^ 91. &i 5J

TSI Mar «ov. BMoCentaiV. 55- 25J 33

73 Nov. Ma. BvtonGn. 26 -21i 14

68 281^ 5.3 — lll.^ —

ICO m 10.43 - 7 J —

iibr

DRAPERY AND STORES aw.

73 I 131 63

3 X

436 } « .11D>

8,53 h« 4 8J

.FOOD, :GROCER[£S-^nL

j - Stack i Wci]Vi Sjcta

Mta. £St resGoSp.^ S ^ H

Am.' Del lW9de J7 -M|.y

Sl ' Jn UniiadBIwjte. S*

Aas. Rhr. lltatnrPlta--Mn JUT 53.

HfOTELS AND CAtERERS

A-l""Fd

fVi j inns . IS sc 13(9 _9R 173 63 lO-R —• Afwv

- i 6 .es i 2 ja ^ aS? 1 uS 5 ?£i ^ ^^msa sa u

Do.»!tfic7ia3_ 10^ - 1536 11.91 ^ c£’ « ih 07 IS tSioI

D0.14t*pcMA83.l ^ £ lUSz Aob."

Do. 14t4jK M333
Do.14We4.4B3
Do.141tpe2S.4B3
Oo.l3Wc2S3B3
Do.l3'.;pe3BB3

RMtJmlniap- 37 19B {43.7 U 143 SB

AHebonelOp... 21 lU — — — .

AiDberDorZOp Mta 391 BU.9 — t —

AquascotivsSp. 35 J9H SB 14 QU

OoTwSpL,. 29 19J 105 K 103 iJl

A«B. Rh.@3Kltis.iop M?

FOREIGN BONDS & RAILS

hdand i { Wee | lad I ESv | FM.

Doe I Stock I E I d I Gm | VeU
For Antofapasa see ” Recent kjiies."

— ZJnnrte eijpc 1893 10 — ^ —

305 30M Ca.Spcl912_. 0 - - —

15a LI Bd.5pc1913.._ 6 - - —

— Dr Spe *25 Boaei 6 ~ — —

IH lA!,Greei(7ocAss._ 43 4.‘ 3t 835

IF lA Co.6pc28Stb.Ass. 41 U 3 7.59

lA 10 DoApcMiadAs. 38 U 2 537

Mail Huns.'24Ass.._. 29M li 2h f9.<8

30N 31M KjOakdRlScebiZni. UMd 9.U 15 1477

bag. West £1„ 4=3 MiZiZ/SJ

Juw >,U»n3antS9 £•» 77l043^< -

Jon. J«d- 7o<<a> Ek ci S%l{ ^ I Vi'tib S3

Mai No-i.iiclTCdvrs Cl.._| 4S3 i I$?I13S I — i

Jan. Ji'l/'kicninteMCfl 21Sd H7i>sl».?S] —

Mai No-i.liclTed?:? Cl.._ 4S3 ll5?ll3S I— ^ — U,,, Aus.Bwtonta's

Jan. Ji'l/ st’cnniteMCfl 215dl llJ1jpl».?5] — W.i — jmi, (UM(A3_
FiMiJt»!i;l^.F26fic Corp £1SU[ -- 8-4— Mai Nov.Cdntor^ij

flw. Jjrr rmih S:. Ai*_ ;3 A5_J iw. Cad»i f S.1 !

^ 23 JM. JW taabenancsiop. a 174 17

^ — June BeatdeCn'A’.. 72 U 032

T« J""- NM' Bcittalls l&p_. 39 3U 13

if Feb. Sept Boar^oaoKOSp. 5 UU 0J2S

%\ -Jaman BMion Text 5p 14 233] 03

l-j ^ JW. Joh BroRmer 40 7.£ 43

H T« Jan. JuS Brit Home Sirs- 162 17i 475

^5 peb. Au9.BR»vn(N)20p. 132 ZU 63

— Mar. Aug. BwtontW. SOp. 192 74 63

‘S-l - June CaM(A3 44 b ZU 10.25

ICaskeKDlOpI a

s laiSjSSi &

03 1U423 4l]47a *ep^gril

.lOp M9 2U 165 M 23 94

slop, a 17J 17 laiU 7.9 *& .

72 TJ h2J8 2J 47 luDI

p 39 3U 15 a 53 111 "g. g?

05p. 5 UU 0J2S 2i 73 7.9

lS 14 Z3J] 03 - S3 - t^****^^

40 7.Z 43 MUJ au ^ aS&S.

Sirs- 162 17i 475 26 42 U3 S

20p. 132 ZU 63 23 6J 9.7 W*-g"

SOp. 192 74 63 26 46 3J)

44b ZU 10.25 — 43 — »• •ffiJsS

2Qp 33 a* 031 - - —

lOp a 3iU 175 13 111 [40 X£- £S|g?

175 293 83 U 49 40

IZljP 29 3J' 335 03 ISi — ^

i5p. 118 2U d43 2.7 48 831 S

g k.5Dp- 91. &: 53. 3.4 40

s.ata. SO- aj 33 iMti

2b W 2A .!1i33

Ite.. 44 . BJ -23 .33 63

bTSp 14, U 13 Sjl86

ttlCBl 22' U IS. U 9.7

jamwMtlfinl. 166M .:»J 103 819.0

gwMM BMf. 7S, —{'53

&SS®: ^ r

JBrdwaMM»- 28 IX 06 « I 33

JBiMtlnnJiea. 323 ■ OX 33. • I ^

S; 1 ^ . iAH

tHote. 22

mUG. -7.

tram 28

steS. 323

30J anieeland6^'8188
3U 3U Dn.14WLn.ai6.

67 4d 6>a 2430
92M Sii 1412 U.76

UUa 10Lrilre)and7i#'8141 941tM IDi^ Tb 23.92

Hire Purchase, etc.

la Do.9We'91^J 75ir

10[Japan4pc'10AsM 240 |

30J noi Dn.6pc’8348.. 73

U lUPeru Ass. 2007 „ 161

305 31M Pet Mx 14Wc '06.

Marl ^win9pcl^l_. STS 4J 9 02.00

15A. 150jrurln6>B>c3984.| DM07 | 15 a| Oiai U.40

AMERICANS

BWdadt Price (ad Oh. Y

Mi SIsdi £ d free Cir S

P.MvJtg.N. Abhou Labtn...... 171a U.n 84e — I

UF.itaJ9J4. Alcoa 1$ 1^ 4! $130 — I

•ibJu3e.Ce. Amoun IIM Si ZOc — I

FltMrJWJb. Amdahl IIH 2US 40e — [

F.HAS. bluer. Edires 5060 22 S3 52.20 - !

r.MyjtiLN: tnbr.Usdedrwa. 33^ 31< 52c — :

33.38 MJLN.F. Aner. Mat. Rn.51. 15la 13.1 S3.C0 - li

— AmericaiT.&T.CD. 30>a - SS.40 - '

JAJ3. BankAnerlaCm 9908 Si SL52 — I

A. J. a Ja. BanhmN.Y.SfO ^ 2Si S2.05 — I

D.MrJu.SP. 3erKBxCerp.S- 27^ 46 S332 — I

MJe.S.0. BethSteeiSB 890p S3 SI08 — I

6 n _ _ _

161 Lia 532 U32 1 ok UvlPrkT'R'wnciaTi 329 | lS3l 73 I i6| 8.jllO AP'*'

81M iq 14Jj 19.(H Jan Aw) jSUTia Hldpt ICp 9>2 -J tO-28 ) — 42 — ^
$75 4i 9 02.00 Apr. Oct Wagon rnanee 42 1^231 | 04 7.1^a9

0ec."’^6«|t;SLlSiiS di a 7 b ^ 1 giai

a M i-o |n«.

— June Sec. Currys— 360 3Dj( 495
— KeBRn(As*e)lta 60 - gl5

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123 Nov DewMrst 10p_ 92 30.4 blB9

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June DeuFre«iiiaiB.__| 124 | 193415

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sa 0 0 J*P> AugJEvalnB

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^ Nov. Apr. HRFumltieelOp 82 UJ 26

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32^ ApJyOJa. nrslChlsagoU- 81Gp U $1.20 - 8.1 ^ Feb. toPollyPeek^- 328

liTl J. Ap. Jy. C Root Cents'^.-. I04a8 17J 80c - 55 \W-^- ^ Preedy(AlSdJ 65

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BUILDING INDUSTRY,
TIMBER AND R0.ADS

Feb. AiigNIhtGoldsniUi. 55 17.9351

Oct Apr. Oliver (G5 "A”. 140 93521

Jam Dec Owen Owen— .. M5 306 36

Jan. July ParadhelBllOp. 31 1J135

1517 MrJitS.D. BATXS^

12.C7 Apr. Oct Gert Beet SZb ••
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MJ.S.D. Htiren(E.FJ$l.
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22.63 UrJtt.S.0. tncenolWR$2._

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uS F.Myfcj:.'. XaiiwAl.Sl|>.>. 696p ul 60c - <6 Ma^- ,S H H

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to 4«^ 09b IMdnsDnsSOp 84d H.7 644 33 9J

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M TJ 655 LI 95 «0 ^ May Lake & EUW— S3 7J £14 23 93

A OM - b - •krir Fbh Lde(Arth>)32^ 19a £7 1044 U 43

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Nov. Juts Siaen^feon— 117 3J.4S

June N«8XN.£2 US .Si i

JaL Hdk Preckkm 5k H m

Nov. Jnm Haden 398 3U

1% Nh HaliEhgSOp- MO 293 7.

F£ Jiri] HaHMMbnv- 194 173 S_ , —

Apr. OctHatlHsSCb 184 ISJ bUOliitaJ

Apr. Sept (taRmsefiSp— . 9^ ISJ 47$ . ( AJUi

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T I ia.1 1 i9 111 Zr3io< _ . *W-

IuOjj Mai. Hat US$7 jo I 36Unl 2SJ&92 —
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92 — (lOO May DrUSritDredgiRg-
— 1 45 May No-r.lS.-n n Jicn. 2Dp

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&JjJU.C. ICon»ls2>^ I 2D:’4 LHUCI

lip l£.eiTreaaffy2>p9C 1 21 | ci|U4J

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24tL24Mayn>«c.V3rlMile‘83...| 99>'3| 19.4|}1?2

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I NT. BANK AND 0*SEAS
GOVT. STERLING ISSUES

IN IMFuianilUzpcLnlSeM lOl^i I414Z3 1350 MJSD UnlonCmtlfen

6N 6H lift Bank 13i:pc 1986. 10Cfi>=l 6jll3.<3 13-29 MarJnfeOcUtd.Tech.na.

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lin IS MeR26i;«2008— .. 89al -(1854 1050 Mr>.S.D. WMhv^^p.

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CORPORATION LOANS

30A 310lSa(hll>4pcl9a-. 93*4

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COMMONWEALTH AND
AFRICAN LOANS

CANADIANS

Ma5J.D Bk.MontrealS2_.

IV na F.Uy4u.N. Bk. Neva Sent $1
IV «n 4Jy6J(. BetlCarnMnWy.

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12.71 Oct Brmmntl ... M2p

UJ2 F.MyAuN. Can.lnw.Bk.S2..

1168 •hiy Jan Cat^ifica.—

9S1 Jbly Jan Da.4pc0cb.£100

12[i4 Jc Ap Jy OdCan. P. Entfl..—

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W% HU ^ - U (May Dec &D.‘A'Ub-. 80 19.« 225 33 4.

832b HTT 72g — 45 .tan. May nuan(j£ailfif 124 19.( 655 25 7.

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, Jan. July French Mer..- lloip 173 455 33 S.

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— 1106 taay saesOVyAlfe. 17 19.4 14 2J IL

- 1U4 July FebJe-wswtUJJUip. 124 173^1265 IS 3.

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rr? tSv. SenL H.&.T. &.•«. l(b 871-. 1L112.73 d 4.

ELECTRICALS ’

|A5i.Beeironic.| 2S5 n.4|i46|l7

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_ 40 July JcrcvE^vIIu?. 15 6T7{ — — — — Feb. Oa Elecfcamps lOp. iU HI

_ a-J Jrty la:*-;- :»). ?l3i 06 T.tJiS^ 29 18J L9 - SeamftWBwfta. g -

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_ S'? Jan. Ai;gL£iL<R!Ri(J.;£2. UOd 19.7) 80 — 10.4 — Jan. Aug E)eet. Rentals 2Sp 69 7

_ |-f Jag JUyiLawrence(VV.). 170 70.0835 33 89 B6I May Nev. Ernes Ughita IB H

r*»i <K nHvfcA 11 4r7M Jan. Am EaemSMc Ufa. 25 7.

0^ M Mils S;

May Oa
Apr. Sepi

' Frit Dec.jLsec'irA'm.TZSc 55 SJ: $66

BANKS AND HIRE PURCHASE JT SKSUc!'.:

BMdmds I I ILall Bv I indl -tan. felyjLanecnEncI^ 101 H-4 4^

— KM — Jan, Aug Eleet. Rentals

33 69 B6I May Nev. Ernes UghI

LH i 76) Jan. Aug EaergyServs.

L6 89 146 Feb. Aug Eoiottemtm.

341 43 96 June Nok Rarnefl Sin
2^ 92 — aFeedbacklOplUO

Eket. Rentals 2Sp 69 76 461 IX 8‘

Ernes Ughtta 115 HJ 16.75 24 8

feergySem^ 25 7.1 068 23 8

ERnttemtetlOp. 460M 19J 1d56 2! L

FafneflSe&^ 215 - LS 44 L

- QLSc 8.1 ai 125 Aw. I

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HJ 16.75 24 84 15.U ^

7.1 068 23 5J ^ Jm. A

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SHiM 17i 863 1178 Jpn. JidylANZSAl 1 2M I STI Q28c I 331 8.41 36 life-. SeaJr.'«g.r:&Sfes. 174 SJ 56 5 421 0 Jne Oct FiraCastklfe 52 17i NL75 23

157 - - — Feb. Au^andervO. £1)265 S618.5 -^10.1- No.. Jumlh'-arderstHldg) 144 S3 55 27 5.4] 9.9 7fey Nov Forward Tedu. M BJ d36 —

SHid 17i 8.63 1178 Jpn.

157 - - — Feb.

68 lO: 564 17.08 May

4Id 7.7 30.98 1750 Dec.

377 ]56 -- 39.43 ^

JdT
May

LOANS Z:

Board and ind. ff;

Public Board and ind. ff;

l»Avlc.ML5pc'59a9l 67I-I L1(74S|1213 -tan.

ISiraetVMr.fec'S'...-.) 31L-] 13) 9.9l) 1246 Jen-

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265
£60
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235
2

180
151
380
70S
225

330 7.61235

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— 3.7)— Feb. Ajg 67a HH 28 — 6.B —

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— IN— Apr. Nav.l.'>‘.rr{S'jn)lCst ida rtli — — — — Aug

Dec FuRsu^ 169 - 013W

oa 22C £10Ai is: 1278

— rOwngfahCnc 50 — — !

A14 SrasvenorGrpSp TVg 173 10 {

Mar fHadfeid IK &7 d2SZ I

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- S2 — Ocl. Ap.- (.' 'irx-:7r'.e 173 S^«4.05 — 33 — — Hemokineilslc. 6

29 9.5 3.6 Nw. f.'.a.jVo'' Ergiraen 33 7A 20 15.9 — January HferiaodEI.ZOp. K

43 7.9 3.1 jjv Srpir.tcnV'A] C^d 19.7t 35 4 63 9 — Hkmtei9ibEI.]ta- 27

S3 80 36 Jaii. la. r.'<oL-v;;j)._ 193 lTi|9b3 271 6.9181} -WX Fee ECL 59

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84 LX 156 j2 ■ J
4.4 1« 185 •^AprO

26 44 86 £ 'c

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06 86 — jff ^

L3 3 4 06X1 £ •

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— - — JMy F

June DtcJRmC -. 237 Sa.< 95 ZJ! 551180 '•m uctitec mvng,..,.. £a»

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— [ 70 U gdSO 2l!l0A 56 May NoiriMemec lOp — 280

Jan. Octirtr?ivrd_.._ 27fe 7.12 7.34 qItI 81 U.6 — HflUevKlOp- IK

2416 5 — riDTeemiBingysp 250 — - — — — b,

6CI&N — rInaGaSfA.fe- 130 — _ Ngf

i — (fe, Apr. Jones Strand— 92 ISJ 56 4 86 o Jaa

b.t 25 J» Jun Kode Int 295 Hi 7.0 27 3 4 145 Fe8

56 180 .tane Oa Lee Refrig 233 19.4 86 29 4.1 89 oa

IG 9.7 Jan. July M.K.Etec:rie.. 438 ZU KO 24 4.M26

feitaa-SwCD.... 137 19X 46 ; ;2J 8

Staveleyirfe.a. 236- Hi 136 21 7.

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^ictwAwtacs 130 2lj 4W' 23 Of

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Mtagon li&tr’l 72 15 j 56 IJ 8'

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WeeksAsDciOp 30 61] 0.7 23 UJ

Meirenid 51 19.4 IK 86 5J

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MbUmanEng'g 42 15J 365' 4. 114

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n ZU 241 - 4i

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— fnvUrlU'4vT«s.].[ £78 — — — — —

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— 0M«es331Qp- 120 - ud20

— MtttlCorp.il— 993 — —

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AJ.a Metered— £381* 2Zi 1SL60

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Nev. MarHserad 17g 19;4 4.7 89 4.B 96 JMj Newman liMi_ U

FOOD, GROCERIES, ETC.

Jan: July Rc^ ?.

Apr. QaSGSGrt

91 I 196 56 1 2« 7.ii 75 Mar._

Stop wasting valuable time waiting fbr files at
Companies House.

J Call Annette Walker to order your Company Reports.

I Charges quoted below include paper copies of Documents

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I as above + Certificate of Incorporation

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■ MICROFICHE £530-1- VAT

I (includes all documents filed)

B To order your reports simply call Annette Walker on

I 01-236 9502 or Telex No. 881 1 506.

5

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I F^V FINANCIALTIMES

I ^8 ^ BtS0€SSStFCnMffrXW»MCE

^SGrem IlSO 16 5.6 29 46 126 Dec

Sarsv&niwrJ S3 19.4j LB ZJ 8S 8.7 —

ISfeHieWBridcTI 20 Uli875 — 54 — —

(Dm. Jure>SRurtU}2Cp.! 59 9J2]ua95 22 9.7 76 .. —
Jin. - DedStreoun^... 24 6^ — — — 86 Mor. S

Jui'r Nev rraraiK SCp..... 313 ]1J h96 29l 46^ 9.9 <tan.

July CalTA7lerV;ari!row . 510 194 1831 24{ 4^106 fe*

May Cc'jTi'bwvGra-... 86 17- h«67 '

Mwy OcLrTra«rt& Arnold 186 3C4463

Ja. JJlTfr-.^iUaislSc. SO 13 175 I

4fll06 ^

^ 86 !
3.S106 Dec.

S3 82 . —

JUK |Tu.-nf; 1 285 1 18.4 56 [ 561 8k 86

Jav. Jiit^USU Gnum 48 ] 7!j 20

Uav Dic-.(;':d£n-eE<!-.£:^. 40 ( 194d85

bug. F?8]VKin Stave lOp. 8 | S7| LB

M«-. Oa '/ttnulant 1373 15^dl453| 08tl2m(DJl1 —

Apr. Oa.Wa;^Hrin.2Sp. 5l
— So.Dr!d I 40

Dec. Ju>riVVamngUn S6 I 70 56

May (wr ’AfanvBia-v (■tuflaev

i3z a

NewmarkLoob 215 281 110 2

iltaPKEtaaYSO 169 3L: 013« f

ItodiUBlUCZO. 6K - 18\g% 9.

KTRElEJp 254 ~ - -

McewiicslOBu ZS5rt - Mdl3 0
PeHcEn.EliDw% £133 ISJ Q4M —
fetfaowHMglfe 56 57 dlO 8:

PMcomKIp— 22 194 06 —

Pbta FfeM% £58 17J qSk% —

PhdimLp.Fia 507 1662 3J

KeaoBPtds. k. 40 — — . —

Price HMaZOp. 165 SJ 828 4j

Da.‘A'2Dp.^ 165 19.^ 528 A

PleseySOp SE6 H4 862 2<

— — Dec.
I 74 73 Jai

0.9 0 M».

87 156 Fb8

— 186 Apr

IfeSaftDlOp
gB Foods lOp.

,BritF%.»
I. Dawes

♦ DJ ♦ Apr. Oa AwbOtoiw^j

« 1 i-. S:

= 1^= 5S SSSSiv^grfas;

LC 7A 180 Mar. Aug 3ssett(6e^
T. T. n r«8 Sept BaHeysVarkife.

SjiApr. Ncv. P i eis aclflp 22 29.

AiitalOD.1 35 i -

SuikAi) rc8 Aug)ltaralEleetnB..|4n I 5^801

n.p_ Jan. JnlriRedHTisivi 1225 I 838K

61 969 6.9 Apr Od(Ftouflntiap._( 44 ( IM 20

Jan. jM S‘A*:ern Br» 57 £11 — — — — May Nov.

Apr Sra: MTutlmgs 34 &7 16 46 4.2 59 Ja- Oa

Nev. Hav'AThit'gn'ralZiff. 328 296 76 4.1 7J 34 —

Mfr. (feil'A'igwsC'CoI^. 82 57 36 • 56 « -ta*T Fc8

July|'.ViifeR(Covn6>iy)(232 ( PkdS.D { 85(
Jsmr|Wirro«y<6«o)-] UO I7i| 28 | 4.](

(w/ 'AfansBia-v— 168 W^LST 3.4 3X U6 - MeanDagipp. lU;:; —

jM S‘A*:ern Br» 57 £11 — — — — May Nov. SchoksfGH)— 373 29: 136J

Sra: M?utl(flss- 34 &7 16 46 4.i 59 J«- Oa SeewiMeMm. 147 7J2 15

bUy'Af?iii'gn'vil2:». 328 296 76 4.1 7J 34 99 - -

(feil'A'igwsC'CoI^. 82 57 36 • 56 « -taiy Feb. 5ervCo.vS0... 733 19J nOBS

July '.VihcRfCovno'iy) 232 1*4 43.0 86 19 81 QcHber SomriDdfULSp. 121 17 J 062

JsmrlWi'nwylGeo)- 110 I7i| 28 4.]( 8M 76 ^ Oa ^a&Cfefe. 6K 2*J 185

^ _ No* Jam MderElrarfelSp 44 19A 174

CHEMICALS, PLASTICS ««: g d SJ

010961 4 « 8H 80 Dr. Juik Tele. Rentals— IB rj b46

361 « 1.7 ta Mar. Oa RnmEMI 4Z7 S6 246

35 25 21 Jan. July 0g.7psCinFr«91. 117 au T

36 83 4J 76 Apr. Dec. Tbome F. W. M 134 19A 12«

— — — 206 — MraCaipn.7aL 67 — Ql«

Ql-m U 66 229 Apr. Oa UnMcchlOU 278 ISJ 176

0319% 16 106 86 Jan. July HM.Bettea2ta> 20 ^0.92

60 L5 8.4 111 July Dk Utd Eng^lOp.. S3 S.S d45

23 2.0i 2.7 223 Oa Apr. Utd. Sctemific. 342 176 fblJ

Jai MaylAioorlZO

Apr. SepuAu'SCotteiJiSp.

— [Amer^feiu Inst . i
July Nm.iAishw Ghent. _i
Mar, SmjA.-vw Clrrisih.

TherinaneiaiTimnBuurwnlnlannatianUrniKil ne qi gefeainEnglaneftlienber 202281 I

PIgAiVtTd Qllice Sraeten rtair.r. lO Canrun SoeeL London EC*P 4ET _

iMaBnrai0HHraiMnaMH«KiHMMHaMKiKinnn B

Oa. Ae-. Biagden Inh.

Mar Nov. 3rea Chen-. iQp
Jan AL-g S,-.l Seru:' ICp.

FeO. Acg. lv.Te,.o.ij3.

Mot. Ssa-:<a: ?''.Cr6: V

Ffep. S«e;.l>>av.:r96J0S.

Feb Ccaiite GroL-a...

Jan .-i:. Cutts3r;i

Jan. Ju'r Do 'A' MV ?l

Sea Juut CeryCHsrau’) So 17
Jan. Jm Cit^ lie. 20a.. 83
— Creda iiK. SaJd. 43
April Siw-StraRCss.. 16
Feb. Oct Ellis&Eve.-ard 154
May Nftn ha':!«ri(J.)I3p S
bub. Fee Rfei.Wet:><6cta. 243M
Ce^ -wiv Mqectrj CMS.. 255

June Oeelj acFkijnifeUL^ £96

tele. Rentals— IB rj b467

nnmEMI 427 & 2463

Ds.feCihW«91. 117 HIl 7«

rboraeF.W.M 134 19A 12 «

WraCaipn.7aL 67 — Q14M

60 L5 8.4 ILl July Dk Utd Eng^lOp.. S3 S.! d4J 2

23 2.0i 2.7 223 Oa Apr. Utd. Sctentlfie. 342 17J 1bl6 3.

— — — 86 DKenber iftttMil.v.naa. 50 UW — —

26 LS 7.7 10.9 Ftb. OaWWd&GoM... 62 Hli 15.4 2

K*£ 0 ns — On. AonI WriferEl.l2^_ IK 16 735 L

05^1. 0 196 - Apr. OaWsn.Selea& 37 UJ 23 8

463 8£ 48 76 Dveemfaw WhitwerihEL3| 335 14! 851 8

33 26 67 £B Apnl Oa MrinrieFiglOp. 245 UJ 1463 8

33 ZB 69 5.9 Sept. April Wigfill(H6.>- IK 246 — -

su <4 4.M ^ oa ApriBefeuitta

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fe7 MLVead^Ua
6K 2] ^166 Jan. Jura taedke Bend—
20 85 65(48 Jbn. Jtk Caritauv SetTpa.

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Fiixancial Hiiies Monday August 2 1982

I NDUS 1 SJ ALS^-Contsnued

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Sepuica?: !

LEISURE— Ccntinued

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tm

Met

Bf

NM

ttKf

Joe

Apr.

Jan.

Jaiu

Sept.

•Bn

Sept

Jm,

Apr.

July

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Jan.

DedM^inster i(fp.
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84

59
157

48

72

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60
237

98

85
232
262

89

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30.4

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94 64

64

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MOTORS, AIRCRAFT TRADES

Motors and Cycles

— B.LS(S>

UrJe-SJ}. Sen . m& Untts

— Honda HMnrVSO.

— LotiBCarlOp-.

— sRelem Minor ^

Volm

16

329

161

24

11

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1?4

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Commerciaf Vehicles

Aog.E.ltP.{Hldas.;
MsyPlaxIgiBiGS).
OciJYork Trailer?'

NMjN.C.R.<;?-.?3,iSI £43

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AfinT(Neu&S.a'»ut?up] ^

^ |!Uew Ecuip 3 C 7

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July Airflow Strcaffi
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Sept. AutomoU«e.~~
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S^ L gm^igP~~
Dunlop 5Qp~.>

April Oct,

Feb. Aua>Paj.!

— iPf.?:- KoiiJsra..} II

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OA JiJyW-lri'ilSrir" '■^l

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July Flig.'it Refueffinp
June HrmnSoNiti lOp
Sept. IM-Fhl^lDa.
Dee. Lues inds.£l..

Solcs(UK)A5G^
JtdwSupra Grew ICip
Ai«.Wbodliead(J.).

157

70

21

15
32
29

247

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Garages and Distributors

3iUUI
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Jan. JiJy
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21 UOU

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17i 1941
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43 314

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May No'

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oa MarJG.T.Jwan

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, 0aCom.l0p.
Oa AprJeen. Investors,

li

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DedOanfrinse Pel
July |Oe Fr, PetrolB B
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lOCIidfOUa
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SHIPPING

Gen.Scottish_.
Gen, Stlddrs. Ubp
Glasgow Sllddrs.

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Greenfriarinv_..

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6 roi 0 liwestars_|
Hambros
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Independent Inv. , I
Apr. Im. in Success,..,.)
Investors' Cap. _ I

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Aug.

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May

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May 0a|
Jtdy

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June

J«k

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Apr.

Jan.

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oa
Oct
JiHt:
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July Feb, Keystone litv. !

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April LKC.&LOIL Im..
Apr. Oa LawDebentwe—
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Aug. Feb Leda Inv. InclDp
Do. Cap. 5p
Feb JM) Lon. Atlantic....
Oember Lon.&GaaSOp.{

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SOUTH AFRICANS

Feb

Apr. SepL
SepL Mar.
Jan. July,
Sepleaber
Mar. Seal
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November

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May Niw.1

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TEXTILES

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JunetCoaU Patons..

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^ 29

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Hldino P'S!.!

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PAPER, PRINTING
ADVERTISING

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rn ^ — A?. Oc

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I Feb JiAyl

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0.75

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4.141

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6.6 Dec

.Murray Western..
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.*^'i-y<jur^-<nancial Adviier

QpfiiPPON

KAKUMARU

TOKVa JAPAN

* London: Kungye Kakiunarn fEoiopel TW. 638-4877
• Geneva; Kangyo Kpiiumaru ISwm) Tet 3510B0
L. • Pons: TM. 79&5401* FrwilcfuitiTbL 780^ J

MINES— -Continued

Central African

, aleonRiLSO;

^ValtkieCoi

i.Cpr.$BR124

Australian

— [ACM 20c.

Nbvl

Mw

|ArB(KyGoldNL2Sc,

/BondCwp.

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•HCRASOc..--
CarrBovd^
|CentraiPac^.«
Crusader Oil ...-.

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EnmavourZlc —
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l&eMdiutesTmSOe
'Hampum Areas lOp
Haoma N.W. — ...
W AAning.......

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Kalbara Min 20c.
KhchenerNL25e
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Meiais Ex. 50c..
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Md East MiiB. NlJ

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'Nc-wnietal ite...
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jNorJtB.Ml|| 50c.
.WUcKaigiirM

May Nev.lOald]rtiigeSOc.—
ntlmm N. L ..

♦ -

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126 —

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Pelsari Res NL— .
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Da Dfd

Seftntst A—,.—

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iSwan Rnwtces20c.
iVuKan Mins 28c..
[West Coast 2Sc-
.Ne^OontSOe.
MayfWestn. Mining 50c.!
iWhim Cr^ 20a
ycrlc Resewces ...

SO - - I-!- -

Aug,

eblRaebwn.

I Z1.W6.7) Mar.

Da & iss. Cte .

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Mar. Huer Plate

Apr. Mn! ^COSdb^V^
oa RollmNVFBO..
oa Do.SubSh'sFIS.

Aug, Mar. Romney Trtsl..
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-- Do.Cap.-.-._,

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oa f^&AndrmvTa.l

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i ?T ti d

54

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27

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21

June

Sm.CWes'4'...|
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Scottish lm.,.-.,|
— JScotAMercA....,
Dec ScotMorL&Tst.l
Dec Scot. National..

ScoL Northern .
Dec Scou Ontario..-.
Mar, Sca Utd. Inv.,.— I
Oct Sec. Alliance tk. .
June SeeuriliesT. Sc— 1

48

- Dec

Mar.r

TOBACCOS

JutylBAT Imb.

Mar.llcnperial.—

SealRnhiitsits 2212 P..

PROPERTY

TRUSTS, FINANCE, LAND

Investment Trusts

U3l->

iji

6.^ 7.6 :
iS 71
l^DUi

7Ji li

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INSURANCE

Oee.{AFd LendsR lOp,
SepuAllnatt London
Ainal. Estates.
lAc^Vniapsiite
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OetiAquaSecs.^
lAustmark la.
'BairstowEvesSp
Apr.)Be«r(2H.}lQp
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Nov.iBnxton Estate.
AuuCap.&CaanUes
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fCarlonResilS
JCartiao Inv. HKS
OolCntrovineial 20p.
J^Chesterfield_

:♦

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21^

LEISURE

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&pl

July Esa

Nw. JuneEsts.&Gn .
Apr. Ests. Prop. im.
Aug Evas Leeds.—
DeblFair*iewEsis.50p
liov. el

(ov. FneOaisrinsSp

-eb Sea St- PortiandSOp
Ian. Aa- SroentFDlOp.
Ian. Jidy GreencoatSb...
September Greycoat Eus.llto
June Hot Hanwienei) 'A*
pHvdager

M. Oa Hasiemere
JWL NOV. HKUndH
Mar. Sea iniry Property.

Augist • tontiwi fmest-
May Nei. KentmP.)10p..
Apr. Sea L^MnNE8S.lQ9

July Oa Land Invest....
Dee. JM 7 La»MSec.£l—

oa Mar, LeiM^Sfc
Dec. Juoe Lob^.99.Ulp.
Mr. Dec Lon. Stop Prop
/Sr, Oa Do. 6^ Cn 1964.
Apr! Oct De.^.m4L

fe

— HattaAMiaFH

July MarlbotouaiSp
Seot. Dee. Marler Estates
Mclnerney^.
Oa ucX»SKs.2!a
70a PMnrlaitSeaSp.
May Nnv. MounHelO'-^'
Aprd Aug MoumiewSp .

June Jw.

Mar.

Ifll

I Jjo.

Jid^fWNdg&lm

Stock

Mee

irvrl^

Raim.SUS5.[
Shires Inv.

SPLIT Inc. Id
JSPLIT Cap. r
JidyfSiewirtEMlnv]
ilisidmrarEaal
JanJStodcholders Im..
Dec.)T(f Australia Trot.
A NJTRCitfflfLiMtoiTsi-
R Ind. 3 General ..
JunejTR Hawil ReuwiH-
R North Amerla ..
R Pacific Basin.
RProp. Inv. Tst.
RTechnolm— .

Trustees Coron..
echnology.—
emple Bar.— .
hrog Growth.

Do. Cap- El-
ion...

OalTor. fnvest. Inc I

Oa| Dd.Cw — j

'roiB.Dcennie._..f
AuglTnbime Invest.
Apr.|Trplewalnb50p I
Do.CwitM£l-
Feb Aug Utd. British Secs. .

Uiy Aug US Drh. Corp I

Mar. July U.2& General Ta
June Nov. Viking Resources.

M«ch W.Ca&TexKlOp.
Jim Dec Wemyss Inv.Sl..
Aug Mar. M9nferbo(toin5p.
Feb Aug Witan Inv — .

Apr. Sea yeoman Inv:..

Jidy Dec. Yorls.& Lancs...
Ok JuneiYonnaCo‘slnu31.|

OVERSEAS TRADERS

^8.m4)

1

ly lAfricM Lakes— .
L toiuTadng610p4

w AcULAmibSOc
Oa BeridortTs&W).,
Jidy igrthwet mot) S)ij
'Juiy Boustead lOp
Aug Crosby House ...
Jan. RnfmCJanu. '
Dec Glll&DuffiB...

GLMUnOO..
Dec H'rVns.Cr«.£L
Apr. Incheme Q
Oa Jades Wm...,,.

Apr, Lorvho... — .

May Mitchell Cotta.
Nov. Nescoinuesls -
July Ocean WbiB.2(lp
Dec Retrain. 2nch
Dec Do.‘A’N/V10d
N ovJStoie Dnhy MSGS
JubPteelBfOs.— .
Junefruzer Kmb. 20p.

7-9K&

3.9 -

71

}flUI)

9.0

33X

-7D

2°S

433

,*■33 .

46

]{U4}

38

W.7)

3&i)

iA 7.7
l4(MD

PLANTATIONS

Rubbers, Palm Oil

Bhteads

Nd

Stock

Mce

I'TI

0fr

Hit

Cw

frw

Nov BaAiwHIcigs,

IL BedamlCp.

JiAy CasUefieldlt
Nov. Sera. Plants Ml
I Giand Central lOp.

D.4 U 21| ' 1 ^

li 41
U 46
U BJ
U 27
Ifl 61
Id 51
111 28
U 40

May HigManasMSOc..
KiwIaKepongMSl.
Lm. Sumatra lOp
MalaJeafFMSl-..
Malay. Plants. MSI

R r g lu wte IQp

5$aRgengJm2i:P

62J

197) 1.0

_

23

58

a>;:>25

06

8.S]

44

Mtvafs

?6

38G

S.^ 75.70

IS

26

41

156hQ1S3

13

86

3^2

12-7SI -

165

ujv-ac

Ti

76

A?

14<vC26c

li

7.6

40

IjysalOc

39

6.1

240

7(7.66

37

46

65

ID^vQlSc

t>

37

39

ISinCIlft

13

110

162

23i| LO

lOJ

0.9

1342

- ! —

—

—

Teas

0.Z

Augat
November
November
4a Sep
Sept

May HovJ
Jime

Assam DonanEl.

845

97^

60

1^

39

auawFmmihrfl

300

35

*106

48

lawrle Plums £1.

39U

17 if,

.'*0.0

LI

7.9

LumvaCl

380

133

»36

0.9

174

McLeod Russel £1..

2S5

2S6

•3 79

46

ga.3taCnJ9.]«M2

101

8.494

IL9

2S5

^0

t

Vinillaiiisen£l.-.

217

133

126

u|

8.2

MINES

Central Rand

889

23.12

HlSSe

407

2 £2712

23.e

231

132

ZOO

si«i

f015c

lA

59

78

14

27

235

iJf=

4

33

166M

12

12

8

2>2

9

117

17

21

4

158

B

3

109

S'*

78

36

52

76

30

246

13

120

115

38

U

27

2B

7

9

172

12

11

-1 -

.75

15J

28.4

HJl

14-91

12jl

wm

304

153^

isi

JOe

■SS

Q32isC!

Q6c

20

Q3c

tOSc

4018c

106iae

tOlSc

ZQ5e

M14e

0.9(104

UQ0.9

UK

1«

26

z -1

1106

19

54

25

*

- 1-1

Tins

^0

m

NovJt

Jen.

Jan Jiml'

Jan.

M».

Antal Nhmiialo-

15

no

Ayer Hitam SMI .

MO

iU

MDSi

06

Stovor —

SS

6W

ta

Gold & Base 124?o-

10

1074

—

ta

Gepeng Cons.

300

304

176

U

HonOim-

430

61

210

0

Idris Up

330

liH

f—

Jantor 1ZI»..—
Kaimiming$M060.

15

4S

7X

7J2

Is

tdl27>ie

a

KIMIfiqhallSMl-

380

bj

*

■'iilalaKia Mng 10c ,

52

U

rQ17Jl

It

Pclaiia —

24

2fjj

SilAa

u

Perxikalen lOn— .

340

gin

AIM

ta

PetaliiutSMl ...

200

7.V

t*Q60c

«

Stoipei BesiSHn.

140

TV

&yi3

fi

SweineCoriLSMl.

65

974

0

taroengUp.—
fTomkah K. Tin ISm

98

55

ibJ

7I..5

t.

TronDh SMI — -

150

fX

vQSOc

ti

81

74

34

7.9

&

7 I

Miscellaneous

May

Feb,

AngteOaminion ..
Bu^ IHines lOp
Colby Rk. Corp. -
Mun^lOe.

— »ExphurdGoM.

— Higravood Res,

— Nonf^SaieCSl

Jan. JdyR.Tl..

Jai

= I

Sabtna lndi.C31-
fSoudwreci C.lDp.
|T4V&Es!»n.Sl.-

28

-to

..

12

30J

055

IX

39

mm

mm

220

SH2

moe

13

5 I 4

ta

ta

ta

70

ta

ta

ta

175

971

ta

—a

39B

7.6

2J

£95

7i

3SJ

12

ta

32

ta

ta

ta

270

—

—

—

Zi

SJ

mi

-I

NOTES

Eastern Rand

Nov.

JunefAberdeen Trust ..

Sept. AiHa Inv.—

Jd) Alliance Inv....— ..
May Alliance Trust—
July Allifiinl Inc.—.,..
July Do. C^tal
Julj^Ambrose Inv. Iric.
Do, Cap.

MaytAmerlan Tnst _
Aitwrican Ta 'B'
Mar. Anglo Am. Secs -
A^. An^im. Div...

Op. Asset Shs. -
Pec. Anglo-Scot. Inv. _
FebJArehimedes Inc. ..

Oa. Cap. 50p

June Argo Inv. (SA1)_.
liar. Ashdown lnv._— ..

Aoem t SOiCl 2 l

Juiury Atlanta Bail. lOp .
AUoiHiC Asets-.
BaiflwGififiidJaun
OFJMyJlu. . Ba.iken’ Irai.— ,
December BerryTriet ........

Nov: JuKStotopfQBieTn.-,

May Dec. Border & Sthn. iDpj
Jan. Sea Bremar Tsu......

Apr. BnLAaBCen...
Ap Jy 0 Jan BrItAh Assets
May Nev. BrH. Etnp. Secs. 5pj
Aug BnL l.a AGen. Dfs.
June BriL Invest— ....

Apr. Broadsone (20p)
A^ Brunner Inv...—
Aug Caledonia invs....

Dee. Cambrian ana Gen. .
Cameila invs.lDp„

tfar. Cardinal Dfd

Dec. Cedar inv

Chan'i Is. ine. £1
DbCap.— .

Mar.JCfener Tnst

iChiid Heaitha-
SealCIty&Cam. in^M
' Bo. Cap. (£1).-
ICrty&For. inv....,
Nev. JunelCity of Oxford. —
Mar. Sea^^*4riKKKe50p..
Feb AugCOKinentT&ind.

March Cres'm J^n SOp
6 br. AugJCrassrrIprs — ...

Cystic Fibrosis £I
Feb AugJDanaednc.)..—.

Do. (Cap) d.—
Aag Feb.|Oerby Ta Inc- £1
' Do. Cap. SOp —
Ok. JidylDomintgn&Gen..
Aug)Draytcn Japan
DKlDrayion Cons..—
AugiOr^ton Far East .

[Do. Vfemnls '8&4L
AuglOr^ion Premier .
HanDuaivnt Int SOp.

I Do. Capiiai £1 —
Jto. JbM0imcj!ce6L3n.....

April lEdintxirghAni. Ta.
June Oec.]Edirdi!ii^ Inv.-..
Jan. JidyjElectra inv. Ta „
Feb AuglElea&Gen—
lEBersy&i&Srre.SS
Nov. JutylSng&Inteniail..
Oa j^riERg&N.Y. Trust
Sea MarlEng & Sect. Inv _
Jm Aug}DgKaLir.P*-Ll.
Jan. A;ig,jr«^. NaL Inv. DeM.

03
—,4158
213297 ,
U15/ 10 ^
715

mdo.36

7.6 75 1«17.5

23 U|
2S4

225

Q13*6|

16.9

293^2.99 1013.0

10(176
IM 05

Hi

Rnance, Land, etc.

IBrodcengOc
fwns.Mbddletn5c.
East Dagge R1 —

ERG0RI150

IGrootvIei 2Sc
'Kkinss R1 ...— .
Leslie 65c

241

BWdeids

Md

Seek

Nea

IcwlSklwE

i)ec. June Aldan Hivne...

Feb. Jutt Aknyd Saidierf .

— AigjdeTrust— I

Oecenioer auihoritvlnv. 2 (b.

— Bomstxxtd..—.

Mar. July Britannia AmwJ

•eb Oa Cenirewajr TrtBt-l

Ian. Jidy,

Mar. SepLftO .

May Dec EngKsA Assoc...

AugiKambrt Trust—

La 7.0

Haw Par. S.

InL lev. To. ^
investment Cb. I
l^kurilA-— I

Aug Mar.|
November
Jidy Dec.)

Iffl 66 — .

n

a.l^H2lO uh20

110.71

755

- - - Oee^

On. Conn m
iKIUt'iiTM]
Kwahulbp. ..
LamomHidalOp
.London inv. 5p.
Jan. Nov.]Lon. Merchanu
Do. Oefd.

ih i-tfM-ahiMiLffi

>61 & G. Group..
Mated ie I ms. lop
Manhi (R.P.)5p
Mereamile House
MM.CimHblp.
||[^7fai8.7blp.
iMexieo Fund Ine.
Milb&AlienSQp
IN.M.C.Invs.1^
,*te«rWCs.l9G ,
Parambe lOp ... (
Paii Piace inv,
Peerson(S)&SM
SeLUo.Pig-M.M-
tfayS.E.£aipe>toi-
Smith Bros. —

roluxSAII

MCPfATeetSM'

Wtstpool Inv.—

20M

Nov.

March Oa
May

July Dec.|
DKember
Apr. Aug)

Ork^nlOti.l
lYuieCattDlOp.)

Si"

0.7

u

25^

FebMarievaie ROIS.
Sea 5. African U.35C.-I
Feb inakfomeinTOe-
Nnv. Winlaihaak Rl—
Septeoto (wfL Nigel 2S«

95

S9

52
272
337
516

97

183

206

1 D 6

£12

53

24^4!!60c

17i QZlOc
5.? ^147c
2 ?Jp 01 aK
29J t054c
57 $QS3c
!0£ TO40c
17 Q30c
gikWlOci

121 t

215

UrUeis otherwise iidicaied, tuicKundnet (MdendsMlnpcmaWf
demmlnaiiOK are 23p. Estimated pHce/earnlnos rotio* anriemcnai*
bated m Utes* auniai reports and accouns and, whero pendfaig anr
■Meted OH faiLyeariy Ague*. P/Es are cakaitoui m
disulbixlHi bOM, esmir^s per store being cw npti id d on profit after
laratlon and unrelieved ACT wheie appllcuWe; tow eb eted Hgim
indleaie 10 per cent or more difference If ealadmed on “OT*
dlstrtoutlMi. Coven are based m ’mnlnan^ dbtributiM: tMs
compares grots tffndend cash to preffi after taattae, wci udfcp
exeeiMlonal preiiis/iosses hut indudlng estimated uiem of offiitaMe
ACT. Yields are Based on i»Mdleprlcet.aie||rtBS,«itoStedloACTef
30 per cent ami allow for aloe of deoared dbwlbuthin and righa
**Tap" Suck.

Hrofg and Lows werfcedthM hew been acHastehaaBaw far rtodds
issues for cash.

Interim since moeased or rrsuniM.

Ifwrhn since redneed, possed or deferreb
it raxJree 10 inmeesidercs on application.

Figiuet or report auuited

USM; not Iisim on Suck Exchange and eempaitynotfutiectodip
sane degree of rogutation as llsiad secmftles.
tX Dealt In under Ride 163{3).

Price at Unie of suspension.

iMjCksud dmifend MUr'penBng saip andfor rlOds feauK aoiur
■elates to pievlous dividend or ferccaa
Merger bM or reorgansation bi progress.

Not comparable.

Same lixerinr rechiced nm andfor reduced eanUngs
Forecaa dMdend: cover on eandngs updoted bg totte tatorlw
sutemem.

Cover allows for conversion of shares not new ranking fbrdMdnds
3r ranking only for restncied dtvtdond.

Cover does IKK allow for stares wMdinnyahe rank for dhrUcndK
i future date. No P/E ratio mnliy prevUed.

No par value.

Rate eppiwahle to rNXbZimbabwean tcsldenu.
if YlrlttlTTil nn viimrlniiTrnTiin niHffiir THjiiiinflwifpdwiU
mauatty of stods. a Tariree.b Flgiiresbisedenptawiectuderailier
ofileal estimate, e Cenb. d DlvUend rate paid or ppytele enpgrtnf
capitaL cover based on lAvidrnd on full ciphal. e Re il ein pU on yl^
f Flat yield, g Assomed dividenl and yML b Assumed dMdeiM pad
yield alter seen taue. j Payment ftwi capital aowcei. k Kama
■ Interim Mgher than previous total, a RIghb few petohg.
q Earmngs tased on ptelicnirety liwaes. t Dhtdend and yltM eududea
speoal paymom. t fndiaitd dlvktonl; cover relatei H movlow
dividend, P /6 ratio basea on lauit aiaaml oartdii^ u fa p eraw
dividend; cover based on prevtous year's earidnpL e SOIact to local
DMdemi Mver ui excess of 11)0 bmof. y Bhldind and yield

U *0
U5.1
i

Far West Rand

34 6 J 8 54

94

»r2Sc.„
__.JsRl

jOeelkrol R050-
Onornfentein Rl
lOriefoiitein Rl .—
ElanOrand GW. 2 O 4
Elsburg Rl-— ..

Hartebeest Rl

KkwfGoltf Rl —
Ubainn Rl ...—.
ISouthiNi SOc — .
SUifentelnSOc— .
l/aal Reefs 5Cc-..
Vbnterspost Rl—
Western Areas Rl
)WesfernDefpR2~i

Rl — n

4S2

“0
25S

77 a

£ieis

195

95

£22l<

p3ia

K-J

OSH

574

STS
152
£131,1
402 1

5.7;019Dcl «i 1210

acj

^5^Q200e

5.71

1

2Ia

112

5.1

25.!

Q549c

q233c

i02bc

OeSPc

OlTOe

Q22Cc

*0555c,

iOSlDc

iSdSOc

09Dc

|G40c

ISJiDMSc,
S7| QllOc

213

134

1120

I 10.6
fl3.9

I 12 J

based on merger terms. zDivideiid and yMd IrrttTr ■ Jiirrlil nnyinenr

.tendwtfyWd.

B fteferenee divtdond passed or dolorted. C CmadtoiL E Mbwaw

Cover does not apply to toec/al payment. A NK dfvtend 1

lender price. P Dividend and yield based on praspechs or pihar
ofHeal esiiiHtes (or ica3.g t . 6 AsoanieO dMdend and yMd after
pending scrip end/or rlgMa issue. H Dividend and yield bmed on
prospeeCtu or ether offlela/ ettMaWf for 2982. K Figures tosedw
preqieetiis or oiber ofhclai esUnates for 1981-42. M Dividend and
yield based on prospecim or other official esttoalet for 190.
N Dividend and v'lou bssetl on prespeens or ether offieW ■«*»——
forl9B2-43.P ngum based on pnspecus or other offietoltstinMies
for 2832 ft Groa. 7 F)gte«« asHimM 2 SMdeod total to dm.
A&brevlatMns: d ex iflvulend; m ex scrip tone; r ex riOto: ■ to
iH; d ex oplui oisirlbution.

REGIONAL AND IRISH
STOCKS

k‘

5ni«

The follewligisaselKlianaf reguiBl and Irish saclattetallirbetof

tuoied In Irish eurronqh

.{FrMS(atf0n.50q

lF5.Geduid50e.-

13114

S3

NMJHarirMRy SOc
— [LorairwRl.— ...

O.F.S.
22 s

£32

lUU

Ptm. Brand 50c -
Pros.Steyll50c.-

SL Helena Rl

Unhelil

WelkOfli SOc

liV.HeldM8s50e...

516

123

£33is

£I2ro

£12

459

367

£25

13i|047i|C|
17.S|:C6!5 c
39310210c
975( -
27qi2395c.

29i^tiJ9Sc,

175lsa«5c

375W]fi58c|

841

Finance

5.4205

■ 9.9

|Afei Cenm.

July Ang.Am.C«l
Jly. An^ Amer. lOc .
oa Ang. Arb Gold Rl

Aug Ai^ovaai50c
Jiq OawCoflS.^.
Dec Cons. Gold Fieidc.

OtL AND GAS

January

Hi 76 -

1M16.9 ~

May]

Juiri

Julvj

Aug

E ApiOBFte2Qp.

iivii Pa20p—
ItMran EnergyM-
IfAUaiitiCKes..
lUBeriOteEten.
iBronon

'BrlLBOnKolOp.
Isa Cm te. (930
ElriL Petroleum
Do.8?liPF.£l
Bnuwick Oil $1.1
HBulaResIrOLS
'Burniaft£l.---|

~ 1125 I 231 18131.9

777 - - - _

_ - - _ 2SJ

12045

S69d

3.:^

Do4bLn.91)96|

|9CCPterlhSoa

U £«

QFaKPBXK

iTCoMcninOh-fll

MCeto^to.2(bJ ;

$CantfaeaRK.|

jgr»

May East Rand Cm. lOp
May EaiKDr40e-..

Dec EaldFlelrisSA.25t.
Oa fa'burgCons. R2.
Feb. Middle WH2SC
Oa Minorca ^0140
Sea NewWii50c.M-
. PatiiwNVF1s5-
Nov. Oa Itedl London 15c. ,
October tend Loil CM StLl
I Apr OaDo.Pref.50c-.-
|jan. Jtdy bndHin.naps,a
FM. Semrust 20 c..m— .
Oa 5lh«nnlnes2>ip-
Jdly MbC(M.FM.w-
Jan rvaal.Cons.UI.ia.,
Apr. U XL Invest Rl—
MarJVogefsRiaCMM—

28

£33

560

£18

383

395

19

790

£30

430

334

201

685

50

28

15

260

426

S

90

Atoany lnv.20p._,
Bertrams—.-.,
BdaVvir. &(. 5(to .
Craig & Rose U-.
Finl^ Phg pp- I

Craig Sha£l-—I

Ktoom Brew— — ]

I.0.M, Slffl
PearcefC.H.).

PMIHIdgs..

SheH. Reirshim .— |

42

VS

4SO

021/

26

P7

-1

IMS

Cenv:9%'8(W2-
Nab94i94 84189-1
PhLl3a97/02U
Alliance Gas—

H

£91^:

£714i

£88

80

20 s

9S

aoa

93

-2

Careen (PJ.)

Cenwete Prwft. —
He(HinniMa(.1

72

50

15

£10.,

191

Irish Ropes—.

34

65

£3

ASS

r.M.6. — —

5

45

a

1-2

OPTIONS

3-month Cal( Rates

25J

900.74

16.2

2.7

2U

0133c

36

54

2La

Clift

2.0

106

293

0100ft

1 :

U.7

5.1

031ft

6

96

57

23.0

2.9

8i

1S3

24J

22

8.9

76

U

15

86

29J

Q17SC

23

118

li

QSOft

26

8.5

III

CaGft

23

106

57

Q75c

0

96

29j

iQ22e

0.4

36

17J

Q46c

IS

112

U'75

ta

_

_

10 S

ta

_

_

IDTI

_

IZ1(

ta

23.U

Q30e

53

66

Ui

fC94c

0

110

ITS

men

76

15i

409%

5.7

7a

AC2Ue

26

76

U

U:

12

IJ

9.1

Indnstrtob

/Ulie<M.vcins (

BOC Inu..—. I

S4.R..

Diamond and Platinum

47

ll^jAiigto^iiwjDcJ

jDoBeergOf.Sc-.
. Do.40pcPf.R5.
Jlm^ Plat 20c-

' Nov.

232
640
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>‘ReeeBt Issues^* and Page 14

TMs service is aeaBaWe to mnry Con^ngr duMt ta aaStefe

Exebanaes tidwugboiit the UnKed Kiogdom tar • fH 8 f £800

per amiHiH fgr upefi wwii K i

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FINANC

Monday August 2 1982

V T’ v,i n

^ " 'I nffi r

Rush STornDkins
01-30033SS

MP’S DEATH MEANS AUTUMN POLL LIKELY IN MARGINAL SEAT

Tories face by-election test

BY PETER RfDDELL, POUTICAL EDITOR

THE Coasenative Party faces evident abilities as a young Con- recovery. the Liberals under the AKiaace's

a major electoral challenge in servative MP, he is said to have Labour should be the Local elections in Birming*
one of its most marginal seats been going through a recent favourite to retake the seat, hem in May were based on
in the heart of British industry period of self-douht and worry given the unusually high swing boundaries which are slightly
after the death of Mr .Tocelyn about his work. in 1979 and the depressed state diCFerent from those of the

Cadbury. Tor>' MP for Birming* Mr Cadbury won the North- of the West Midlands. A defeat parliamentary constituencies,

ham Northfield. held seat at the 1979 election would certainly be a damning One estimate which tried to

Mr Cadbuiy. aged 36 and a by 204 votes, overturning a comment on the party's internal take account of those differences

member of the Quaker cboco- previous Labour majority of troubles, althou^ Labour has indicated that the Conservatives
late family, was found dead on 10.o97. The swing of 13 per cent not -captured a seat from, the would have held Northfidd in

from Labour was one of tbe Tories at a by-election for over May wUh a majority possibly
highest in the country and is a decade.

the

in

Saturday morning in
grounds of his home

Birmingham.

A post-mortem showed that
he died from a single gunshot
wound in the head. Police said
a shotgun was found near the
bod}' and that no one else was
involved.

Police were yesterday talking
to members of his family,
although they said that “ as

generally thought to have
reflected a sw.irch of votes by
many of the car workers at tbe
BL Longbridge plant in the
West Midlands constituency.

The by-election, which will

Mr John Spellar. the prospec-
tive Labour candidate, is a key
aide of Mr Frank Chappie at
the Electrical and Plumbing
Trades Union.

Mr Spellar is one of the very

probably not be held before few Labour right-wingers to be concentrated
late October or November, chosen as a candidate since economy,
promises to be an especially 1979. by-election would

.. _ . . intriguing contesL The Con- ironically give a strong, though

with n lot of cases like this servatives will discover whether atypical, boost to the Idbour
one, \ve probably can never the ‘‘Falklands factor" is still ce'ntre-rig'M.

helping the Government in a
region of serious industrial
problems.

For Labour, the result wll
show whether the party' has

as high as 2.000.

This, however, was in tbe
middle of the Falkland crisis
when the Government’s position
was strong. It could be very
difierent in the autumn with a
higher turnout and attention
more on the

know the full Facts."

Friends and fellow Tory MP.s
were shocked by Mr Cadbury's
death. -At Westminster he was
a well Itked. though somewhat

The SDP/Libernl Alliance
has so far had poor results in
most of Birmingham and could
face a squeeze from the two
other narties in a tight contest.

reserved figure. Despite his much hope of national electoral Northfield has been allocated to

The outcome could also be
affected by tbe possiblltty that
BL workers may again be in
delicate pay negotiations and
decisions wUl need to have been
taken by then about the future
of the group after the d^anture
of Sir Michael Edwardes as
rii airman.

Obltiiaiy. Page 4

Italy imposes austerity measures

BY RUPERT CORNWEU. IN ROME

INCRE.ASES in indirect taxes increased to 30 from 23 per cent. An immediate impact will be Sig Nono ‘ Andreatita, the
and public sector tariff, cuts in and social security comributions made by the widespread in- treasury minister, declared that
social security and hi^er con- by employers are to rise creases in indirect taxation, it was necessary <to prevent
tributtons by industn' to the immediately. Petrol goes up by LlOO to Italy “ ending up -like Poland."

»iate are the main feature 01 Confindustria, the association L1.120 per litre f£2.11 a gallon). The main threat to the sucrass
stabilisation measures approved of private sector empio}rcrs, ha.s Most rates of value-added tax of the Govenrment's ambitious
by tbe Italiau cabinet at tbe warned that the measures will will rise by 2 or 3 per cent, strategy lies in the limits on

weekend.

The basic aim of the measures
is to bring the public sector
deficit back under control, this
year and in 19S3. In principle,
the state borrowing require-
menLs should be held to
L60.000bn (£25.2bnl in 1983.

raise labour and production
costs, and lower overall demand.
This in turn would add to the
risk of recession and make more
likely a further increase in the
number of jobless.

For the next year, the pro-
jected deficit, according to the

compared to earlier estimates of draft Finance Bill for 1983,
L70,000bn. or 14 per cent of approved by the government on
gross domestic product. Saturday, will be L63,000bn.

Industry lost no time in pro- There were forecasts that, if

Top-raited VAT -on luxury pro-
ducts goes up to 3S from 33 per
cent.

Other charges, including
those for electricity, telephone
services and train journeys, as
w^ as state-controlled rents,
are to be increased, either, at
once or within the next few

departmental spending, in-
cluding curbs on increases in
pensions next year, embodied in
the 1983 Finance Bill; as well
as in the fact that, as Sig
Andreatta said, a further
LT.OOObn would need to be
raised through higher taxes
after the summer holidays.

weeks From vesterday, news- These plans will have to win
paners cost LSOO (21pl parliamentary approval and

In a TV broadcast, Sig there is no guarantee that the

teeing at the added burden it nothing were done, it might Giovanni Spadolini. the Prime present amiaWe mood among the

now faces. Italv's equivalent of have reached L90.000bn or Minister, described the increases five parties in Sig Spadolims

corporation tax has been more. as of " historic pnvortions." coalition will endure long.

Concern over Ambrosiano olfshoofs debts

BY WHJ.IAH HALL BANKING CORRESPONDENT

CERTAIN principal central tions appears to run counter to Abilities just because the sidiarles, Nevcrtiteless, they
banks seem to be pressing the the Banca dltalla's stance, out- Luxembourg subaidiarj* Is not a believe that the established
Italian authorities 10 honour lined in its latest annual bank- The bankers note that the practice Is to suod behind ove^
tiie offshore borrowing of Banco report, which stresses the need Banca d'ltalia recently con- seas subsidiaries which carry a
Ambrosiano, whoso domestic to look at banking groups on a firmed -the principle that lialiM banks name,
operations are being supported consolidated basis. hanks wn only own shares in Carbon!.' an Italian

by a consortium of six Italian Banco Ambrosiano Holdings, other banks, or In companies tjuildins contractor sought by

banks. the Luxembourg subsidiary whose activities were closely Myangge legal authorities in

There is widespread concern which has defaulted on Its related to banking. connection with tbe Ambrosiano

in tbe international banking international borrowings.^ Is not gome central bankers are affair, is in Swiss custody,

confirmed. He
- on suspirion

. . _ . D MM niiti — escape of Sig

missioners who are investigaUufi its Itauan parent, eaoco bring pres- Roberto Calvi, the chairman of

wirh sure on the Istimto per le Banco Ambrosiano, who was

They often opere di Religione, the Vatican found dead in London in June

bank, which is also heavily in- after he had di;
ule toots Ambrosioto Itoly.

CBI survey
points to
further
decline

By John Elliott, Industrial Editor

THE RISK of British manuiac-
raring industry entering^ a fur-
ther period of decline instead
of slowly recovering from the
renssion will be underlined
tomorrow when the Confedera-
tion of British Industry pub-
lishes its quarterly industrial
ironds survey.

Confidence is believed to
have slipped during the second
quarter of tbe year following
an uplift in the - firet three
months and companies have
sent the CBI gloomy forecasts
of their likely levels of orders
ami enu>loyment during late
summer and eariy autumn.

These findings will be used
by the CBI on Wednesday and
Thursday to try to force rbe
Government to relieve tbe cost
pressures on Industry and to
boost confidence.

On 'Wedn^tlay Sir Terence
Beckett, CBI director-seneral.
will tell the monthly meet-
ing of the National Econo-
mic Development Coimdl of the
need for improved competitive-
ness. including low pay rises
and reduced costs.

On Thursday he will lead
a CBI delegation to meet Sir
GeoHrey Howe, the Chancellor,
who have been at the NEDC
meeting, to argue the case
again.

The first signs of the situa-
tion in manufacturing worsen-
ing after an early improvement
came in ^e CBI's .smaller
monthly survey five weeks ago.
It warned that order books for
both home and e.vport business
no longer appeared I0 be
strengthening and that demand
was specially weak in metal
mamtfacturizig industries.

But Sir Geoffrey will almost
certinly argue at botli Wednes-
day and Thursday's meetings
that -InduMry is already receiv-
ing ronsiderable help.

Tlie cut of II per cent in the
National Insurance Surcharge

THE LEX COLUMN

1 *. .

heir to CCA

After last week’s Pyrrhic
victory over the current cost
rebels, the accounting estabJ^h-
ment is adjusting to the realfsa-
Lion that the whole inflation
accounting debate must be
started again from scratch. The
original plan had been to widen
the application of SSAP 16. the
present current cost accounting
standard, and to promote it
from a supplement to the main
set of figures. Signs of reluct-
ance among a significant propor-
tion of companies had already
made that prospect an uphill
struggle. With the wafer-thin
defeat of IRe Keymer and
Ilaslam motion calling for the
immediate withdrawal of SSAP
16. the standard in its present
form has no real future.

1401

1.2001

VMO'

HONG -
KONG -

m

n

‘Hang SiBg Index i

1981

1982

financial director of Cadbury
Typhoo.

Mr Allen’s suggestions are .

So infiation accounting is back based on the need to recognise press at least as closely as the--;

f yield) «t-. 1,200. Ortr the ,

decade tiie '.market has typicaSy^g' fif
traded oaa.p/e between 11 >

15. • . .

So Rie:<-:-.market.. loob.^.
historically cheap — '
earnings this 'year ihay * *

up some lS per cent- .EGOoeniie;^
fundamentals will count' foi^ i- '
little compared wilb
. meat : li^le to be arou^-b^^'.
seemingly good or bad omeBB~^'^ ..

' from Mrs ‘Thatcher's visiti.

After .that there
ample scope -for doid>c '

rumour . between the ■ -

principle^ and the fine prinu'^V '

The 1997 issue. ' which haj-.V"
provided transient diversions Vft -'*H-
the past, now looks, as if it is '.s
here to sta>-. Investors. would.':::

' do well 10 read the Ghlhese^^

in the melting pot. and there
are as many interests in what
comes out as in the succession
of a Renaissance dukedom.
Ke>'mer and Haslazn themselves
are unambiguously against aU
accounting standards; other
"anti" voters dislike any kind

movements in relative pricey— brokers' circulars,

a blend of GCA's specdSc price ;

indices and the general index n^-1, Siiirav •

applied under a GPP corrven- ■OnilSQ dllgar
Uon. Specific indkes are used

to measure unrealised holding 5 and W Berisford now..caib".; ,
gains or losses, wiule a "^capital trols British Sugar, and although
maintenance" chaig[e — worked strenuous attempts tO' e.ttraet''-'

of CCA or inflation accounting, out on a general index — adjusts more attractive terms, for the. ,>

for the effect of inflation on the
capital base. Keymer and Has-
lam -must be drafting their next
motion already.

slUJ others the particular com-
plexities — known in the jargon
as “absurdities"^>f SSAP 16.

A very particular pressure group
arc ihe advocates of enrrent pur-
chasing power, which was killed
or at least swept off the stage XiOng JVODg
by the SandUands Committee.

It would bo foolhardy to For a cou;fle of years now
forecast the outcome of such financial Hong Kong has been

conflicting pressures. Sn read calling for a quick settlement eventually rebid to clear out a.

OD. on the question of the colony's subbom nunp of sharobolders. .

A thorough review nf SSAP 16 status after Britain's lease on But for those lacking
will begin in a year's time when the New Territories expires in wealth and temperament of the .
the evidence of tiie first Three 1097. Now that Mrs Thatcher late Mr Howard Hughes, the' ^
years has come in. Tbe review is due to visit Peking in Septem- position of permanent minority
itself will take at least a further her, indications are that China to Berisford may well seem less-:;
year and any new standard will is indeed moving towards a Iban ideaL

minority will doubtle^ con-
tinue. British -.Sugar share*':'
holders must begin to choose .-'
between- ' Berisford's' 470p a 'S -
share cash offer, its i^rliai share
alternative, and sitting tighL
The last -option may be dis* - : ' '
posed of first. Berirford 'wiH';;:
certainly wish to conicol the
whole of British Sugar, and may ■ ■ -

again have a three-year tidal

announced in the spring Budget In sho^ historic co^

tbe .\mbrosiano scandal, that
Italy has no legal responsibiliD'
for Banca .Ambrosiaoo's Lu.vem-
bourg imbsidiary which has
borrowed more than S400m from
international banks.

The Italian .luthorities' refusal
m shoulder responsibility for
Ambrosiano’s off-shore opera-

disappeared from

subsidiary.

International hankers do not
believe that the Italian authori-
ties can renege on their respon-

Bankers admit that there is
a difference between a hank's
overseas branches and its sub-

Italian legal authorities have
asked for Sig Carboni to be
extradited, the Swiss police
said.

comes into force today, saving
industry some £600m a year,
accaniing to CBT estimates. This
cut will average out at 1 per
cent over the year from March
1983 to March 1983.

But another 4 per cent cut
may well be announced by the
Governmonl in November to
make the annual total IJ per
cent. The CBI. however, wants
the 2 per cent sureharse
abolished.

Sir C«>ffrey will also point

accounts are likely to remaiin
pre-eminent for at least another
five years.

The reviewers will want to
minimise the two main failings
of the present standard by
.simplifying and widening its
acceplabllity. In particular they
will aim at drawing m com-
panies Id those sreturs which
have been most unli^py with
CCA — commodities, shipping
and construction — as well as
incorporating property com-
panies. investment trusts and

formal view of its intentions for
lM7-^dudtng restoration of
sovereignty.

The effect has been to focus
Hong Kong minds on jnst how
difficult it may be in practice
to arrive at an accommodation
which restores sovereignty while
pi'escrving Hong Kong’s econo-
mic independence — something
that has been taken for granted
as a Chinese oim.

Concern over the 1997 ques-
tion. aggravated by the poor
perfonoBDce of ‘Wall Street, has
culminated .in seven days

To quote the chainnan'- of -
Berisford himself, "one ei our-,--
priorities will be to investigate -i
the level of dividend distribn- '. • * ' '

tion by British Sugar w^h':.'"-
can re^siicaliy be mamtained."

In other words, if you think ’ .
there is a secure 23.7 per cent '
yield at the offer price, tirink
again.

So it comes down to cash 'or
shares. A 4ugh level of ill- *
cash elections will leave the.en- ..
larged corrrpany very S5:T

geared but on a prospective
earnings multiple as Imr as '6i
times, fully taxed. Berisforrl

falte in i^f^Mt^i^tes iid straight selHng of the Hong may be unwiiHDg" to

recent falls in interest rates and | excluded. Kong equity market. Small in- mu^h paper on this sort of

So it may be no accident that vestors have been most active: rating at present, but it will
tbe ideas of Mr David Allen, ®'*on though institutions have have to bring Its gearing ‘down
i-fce president of the Instlfwfq held finn. end there have been drastically some lime in the
of Cost and Managesieot reports of London buying, the ne.\'t couple of years. Institu-
Accountants. are being looked at Hang Seng index lost 100 points tions which already have a
with official favour. His pro- last week to close at 1,182.73. reasonable weighting in Beris-
posais have particular reJe- According to Sun Hung Kai re- ford shares and no serious
vance for companies heavily In- search estimates, the market is capital gains tax problem will
volved in commodity purchasing on a prospective earnings mul- surely do better to -mke the
— no surprise since Mr Allen is tfple of 9 (and a 7 per cent cash.

Abbey plan
offers 9.5%

on savings

Financial Times Reporter
ABBE'Y NATION.^!., one of

Britain^ biggest hutiding
societies, has laiinchcri a new

savincs scheme which offers
0.7.1 per ci'Rt more than the
basic ipvcsrmem rate.

The moi'e Ls expected I0
increase the competition he-
tween the huilding societies
and the banKs for savings

deposits.

The scheme offers a rate
of 9.5 per cent and to qualify
savors will have to put in a
miniimun of £190 and give
seven days' notice of with-
drawal.

The High Street hanks cut
...their scvei^day deposit rates
to per cent last week, and
the new sdieme is likely to
exacerbate the outflow of
sarings deposits from the
hanks.

Sealink Continued from Page 1

withdraw the three clauses, hut
, insisted that £lm was their
I immutable tareet for .savings.

Mr Mlcbarl BoKWorih. deputy
I chairman of British Rail, said

j Sealink though! that the PTUS
I members at Harwich had told
the ncsotiators in Lonrion 1h.it
j they would not accept (he pro-
; posals labicd on Saturday. Mr
! McCInskie. however, rejected

i cl.-iims thni Harwich would have
: (umed Sown. He .i.*iid

j Sealink was intent on making
! the senice profitable so that

it could be sold to private
enterprise.

The full NUS executive is
likely 10 meet this week to
ratify the decision to strike

taken by the negoUatitng com-
mittee.

Mr Ijcn Merrywcnihcr, the
managing director of Sealink
UK. said the company's stand
over Harwich was nolhiog to do
wit prii'atiaation.

Sealink’.s finances formed part
of the overall British Rail cash

limits set hy the Government,
he said. The railways **have
no money to prop Sealink up.
T suppoicc there is no way we
can sec tothe private sector with
ihc level of lasses we are getting
at the moment."

Se.iUnk UK was hoping to get
back into (lie black this year.

according to internal estimates
which have not ben published.

Alihnusb the strike occurs dur-
ing the peak holiday season, (he
company's two busiest weekends
have passed.

will argue that further action
is not needed.

But he well join up with' the
CBI to call for pay restraint
during the coming year, possibly-
reputing his argueroeni aired
last month that the notion of
annual pay ri.ses should be
abandoned and that some
workers should have no in-
creases at all.

This discussion on pay -will
probably bring loud protests
from TUC leaders who will be
attending their last meeting of
the NEDC before their annual
Congress decides early in Sep-
tember whether they should
-wUhdrow from membership in
protest against govermneDt
policies.

Aid for China coal hunt Continued from Page

sitter, would be responsible for
cnnsrruction of the harbour,
Aisthom of France for the
power plant, Focoex of Spain for
the mines and Asec of Belgium
for the railivay.

It is o>!rimated the harbour
wi] co.«t about S330m. the rail-
way more than $2bn. the mines
about 82..3bn and the 3000-Mw
power plant about $1.3bn.

It is estimated that the pro-
ject, which is in tbe Liupanshui
area of the prorince. will re-.
quire about 93bn in foreinn
exchange' for Imported com-
ponents. China would be
responsible for local infrastruo
ture costs. These arc expected
to amount to the renminbi
equivalent of a further $3bn.

Reserves of good quality

steam-coal there could amount
to 3(R)n tonnes, making it pos-
sibly the biggest such deposit

in the world.

The project wlH give China
access tothe latest Western tech-
nology and expertise to develop
one of Us most backward
regions. It will assist soulbexn
Chinese provinces to overcome
acute, energy shortages

Education block grant scheme rejected

BY ROBIN PAULEY

PLANS TO remove the major
part of education funding from
local councils and finance it
instead through a separate
block grant have been rejected
by the Cabinet.

The Goverament was
enthusiastic initially about the
idea from the Department of
Education and Science, but
fears of increased public spend-
ing have now outweighed the
attraction of lower rale bills.

Chll servants at both the
Emrirnnnieot Department and
Ihe Treasury have, for different
reasons, opposed the idea of an
?iincation grant from the start.
They have persuaded Mr
Michael Heselrine, Eniirrmment
Secretary, and Mr Leon Britten,
Trusury Chiof Secretary, that

the plan would lead simply to
mpre spending on education
and TO higher publie spending
overall. Sir Keith Joseph.
EMucation Secretary, was left
isolated on the issue then this
view was put to the (Cabinet

Civil servants in the environ-
ment . department argued the
scheme would break up their
rantroversial system of allocat-
ing government block grants to
councils. They said other sec--
tors, particularly social services,
might then . demand separate
grants. Control of education
spending would pass out of their
hands into -the education
department.

Treasury officials said an
attempt to equalise education
pending between authorities

would lead to underspenders
being pushed up to the levels
of rhe high spendoro rather than
meeting in the middle at not net,
extra co.sL Hiey also want con-
trol over spending to move
nowhere unless it is Into the
Treasuiy.

The education department’s
plan would have introduced a
separate grant to cover 7S per
cent of education spending.
This would cut rate bills by
about 25 per cent. The cost of
the grant— about £2.7bn— would
have meant either 3p' on the
basic lax rate or just over 4
per cent on 'VAT or an equiva-
lent mixture of taxation and/or
borrowing.

Rejection of the plan now

leaves tbe .Cousemtiyes 'with'

nothing to offer the party
faithful at the annual confer-
ence on their pet bate— rates.
Alternatives to the rates, such
as local income, poll, or sales
taxes, have now been ruled out
and- there ‘ will be no local
government finance legislation
in the Queen's Speech.

A White Paper on the pro-
posed abolition of the Greater
London Gooncil and the metro-
politan counties, already put
back to the autumn, may now
not be published until the new
year.

• This leaves the Government
with nothing to say about rate
reform other than that it
remains a desirable objective
coupled with a promise about
abolishing, the net councils
After' the -.GenezaZ

UK TODAY

MOSTLY warm with thundery

.showers.

En:;Uamf, Wales

Early fog. bright intervals,
.<howoK. Mix. 25C (77T).

Isle or Mao. ScollaDd. N. Ireland
Occasionai heavy rain, bright
- intervals. Ma.x. 21C (TOF).
Outlook: Sunny intervals,

showers, warm.

WOR1.DWIDE

Aiacclo

Afqivrs

Vitoy
•ntddAy
•C -F
26 79
30 86

Amsdm. C 30 63
Ath«n« S 31

Bareinj.

Boirut

Bsdast

Behitd.

Berlin

BMfrrtx

Bmqhin.

S aT* 8I

17 63
25 77
33 83
24 75
16 64

Bluctpl. C 18 04
Rortl*. S 35 *77
Boiilgn. C
BnsMi C

Vdw
middav
*C -F
(.. Anq.t C 20 68
Lu^mbg. f 22 72
LiJ 40 i — —

S
5
F
S
R

26 79
29 84
25 77
33 91
16 64

19 Ki Munich
X eniNoitobi
Bruseel) F 24 TSjNjDles
B>idp«t. F 26 79 >N&i.mu
,N axs;l.

30 68
75

Madrid

V»iolC»

Ma aga
Malts
M'?hsir
Muibne.

M« C.t ■

M-.-.cnif C
Mil^n 5
Mnnill.t C 1 B R 4
MnscDW $ 34 75

25 77
Z7 B1

S 39 86

Cairo

Cardiff S
Cas'b'ca F 24
Copo T.

N YcrtT
Nice
• I'csvia

19 (i!-
zz r*

25 77

1 CMc9.f

S

17

63

Opprte

C

19

66

Colegn* R

19

6S

C^la

s

30

86

CpnlifA. 8

27

81

Pens

F

21

70

Coriu

(Tenvert

s

18

64

Perth

Pregire

S

38

S3

-DuMirr

c

19

68

Clyk/vfc.

s

13

o5

Dbrvnii.

s

38

82

Rhodes

5

29

84

Fdnbfh.

c

19

61

Rio J’at

_

Fire

c

32

72

Roms

s

28'

82

Florence

s

29

64

Salzbrg.

c

20

bS

FranHt

c

22

73

S'ciscot

_

to-

Punchaf

F

34

75

S. Mriiz.

_

Geneva

S

33

73

Singepr.

.

—

Glbrlir.

c

23

73

r^legot

C1»9'w

c

19

61

Sicfchrn.

s

27

81

Q’rneey

c

17

63

Sire»bg.

s

25

77

H«l*infci

3

22

72

Sydney

—

H. Kong
innsb'iL.

s

23

73

Tangier
Tel Aviv

s

28

82

tnvinsa.

_

Tenerife

F

23

73

1 o.Mon

R

17

63

Tokyo

l^ianbuf

C

34

75

Tt’otot

S

17

63

Jersey

c

18

64

Tunis

s

44 111

Jo'burs

_

Vsloncie

S

28

82

L, Plmi.

s

36

■79

Vomco

s

25

77

Usbon

c

22

73

Vienns

s

3S

77

locRmo

S'

24

75

Wiitrssw

F

23

73

Lendsn

F

28

77

Zurich

S

23

73

O-Ctnudy. F— Pair. Fg— Foe. K-44sll.
R— fltin, S-^Sunny. Si— Slset.

8wi i &w aw, T— Tbundar.
t Nooiv ' OMT tuipamarH.

'□ifBAdRritemeiff B jSBDedffiCOIDp^ Ibenaplnanmterfffifl fyiimffl nf ThAJgtn^

COLEMAN MILNE PLG

(RBgisiei:&ijDEasland^o.5o274I}

Autborised

£

725.000

Issuedandto

beJssned

Mypaid

£

500.000

SHARE CAFim

in Ordinary Sbares oflOp each

Placing lyCapel-Caie Myers ofup to
750,000 OrdinaiySharesof lOpeach
at35ppershar6

Coleman Milne PLC is principally involved in the specialised conversion into
limousines and heanses of motor vehicles. It is based at Golmil Works, Wlean Road.
^I’estbougblon, Boibon, Lancashire.

ApplicaUon has been made to the Counefl of The Slock Exchange for the whole
of tbe issued share capital of the Company to be admitted to the Unlisted
SecuriUesMarkcc.

A proportion of the sbarcs being placed is available to the public throngb the
market It Is emphasised that no application has been made for these securities
to be admitted to listing. I^-iicuIars of the Company are available in the Extel
Unlisted Securities Market Serviceand copies ofsuch pamcularemay be obtained
during usual business hours on any weekday (Saturto and Bank Holidays
exceptecO up to and including 16 Ui Au^ ti 1982 horn:

C^d-Gtereiy^pBnst

Bath House,

Holboni^adiic^

LoBdonEdAZro

2wiAaeaBtl882.

t\-3

I:-.-

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